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...
Gold price (XAU/USD) edges lower following an Asian session uptick to the $3,384 area amid a slight US Dollar (USD) bounce, though the near-term bias seems tilted firmly in favor of bullish traders. Weaker-than-expected US economic data released on Wednesday boosted market expectations that the Federal Reserve (Fed) will lower borrowing costs further in 2025. This keeps the US Treasury bond yields depressed, which, along with US fiscal concerns, should cap the USD and lend support to the non-yielding yellow metal. Apart from this, persistent trade-related uncertainties and rising...
Silver price (XAG/USD) edges higher after registering losses in the previous two successive sessions, trading around $34.50 per troy ounce during the Asian hours on Thursday. Prices of the precious metals, including Silver, receive support from safe-haven flows amid growing global economic and political uncertainty. The non-yielding assets like Silver receive support after the release of soft economic data from the United States (US), which reinforced the odds of the Federal Reserve (Fed) reducing interest rates at least twice in 2025. Institute for Supply Management's (ISM) Services...
The Japanese yen held firm around 142.9 on Thursday, after gaining nearly 1% in the previous session, supported by broad dollar weakness following disappointing US economic data. Recent indicators showed a sharp slowdown in private-sector hiring and an unexpected contraction in the US services sector, stoking fears that trade policy uncertainty is beginning to weigh on the broader economy. Domestically, data revealed a fourth consecutive decline in real wages in April, as inflation continued to outpace nominal wage growth. This deepens concerns over Japan's economic outlook, especially as...
The Australian dollar held its recent gains around $0.649 on Thursday, as a weaker US dollar and an uptick in China's services PMI outweighed a decline in domestic trade balance. The greenback remained under pressure amid soft US economic data, with traders awaiting trade and jobless claims figures later in the day. The Aussie found further support after China's Caixin Services PMI, a key indicator from its largest trading partner, rose to 51.1 in May from 50.7 in April, signaling continued expansion. Meanwhile, Australia's trade surplus narrowed to AUD 5.41 billion in April, below...
Brent crude oil futures traded below $65 per barrel on Thursday, holding losses from the previous session amid rising concerns over a global oil oversupply. Key oil producer Saudi Arabia is pushing for a significant increase in OPEC+ output at least 411,000 barrels per day in August, and possibly in September in a bid to capture market share during peak summer demand. The kingdom also cut its July crude prices for Asian buyers to near four-year lows, signaling softer demand from the region. While official US data showed a decline in crude inventories, gasoline and distillate stockpiles...
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...