The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target. The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation. Here is a look at Fed officials' comments since their last policy meeting, sorting them under the labels "dove" and "hawk" as shorthand for their...
The Australian dollar (AUD) retraced its recent decline on Friday (6/20). The AUD/USD pair remained firm after the release of the interest rate decision from China. However, the pair's gains could be limited due to weaker risk sentiment amid rising Middle East tensions. The People's Bank of China (PBOC) decided to leave the Loan Prime Rate (LPR) unchanged on Friday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively. US intelligence agencies believe that Iran has not yet decided whether to pursue nuclear weapons, despite having developed a large stockpile of enriched...
Gold prices held steady in holiday-thinned trade as markets digested the Federal Reserve meeting results and the Middle East conflict. Israel and Iran continued to trade barbs, with Trump saying he would decide on a US strike on Iran "within two weeks." The safe-haven metal traded in a tight range amid lower volumes, but underlying risks remain real, says Tammy Da Costa at FXStreet. Geopolitical tensions remain the main upside driver for gold, although it faces pressure from renewed USD strength after the Fed update, she writes. Powell's cautious tone suggests monetary policy may remain...
Oil prices jumped almost 3% on Thursday as a week-old air war between Israel and Iran escalated and uncertainty about potential U.S. involvement kept investors on edge. Brent crude futures settled up $2.15, or 2.8%, to $78.85 a barrel, its highest close since January 22. U.S. West Texas Intermediate crude for July was up $2.06, or 2.7%, to $77.20 at 1330 EST (1730 GMT). Trading volumes were light on Thursday due to a U.S. federal holiday. Israel bombed nuclear targets in Iran on Thursday, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. There was...
WTI crude oil futures pared its early session rally to trade below $75 per barrel on Thursday, only marginally below a five-month high, after President Trump's announcement that he will decide on US involvement in the Israel–Iran conflict "within two weeks" defused the immediacy of a Middle East supply shock. Earlier, renewed missile exchanges between Israel and Iran after Tel Aviv claimed to have struck nuclear targets in Iran had stoked fears of an escalation severe enough to threaten tanker traffic through the Strait of Hormuz, driving prices briefly above $77. Trump's initial "may...
Gold price registers modest gains on Thursday as geopolitical tensions rose due to increasing rumors that the United States (US) might become involved in the Israel–Iran conflict. Nevertheless, a slightly hawkish Federal Reserve (Fed) caps the golden metal's advance. At the time of writing, XAU/USD trades at $3,373, up 0.13%. Geopolitics continued to drive Gold's price action due to reports from several US news websites like The Wall Street Journal and CBS News revealing that plans of a US attack on Iran nuclear facilities had been approved by US President Donald Trump, who is weighing his...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...