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 US dollar index remained under pressure below 99 on Thursday, as investors awaited fresh labor market data that could shape expectations for future Federal Reserve policy moves. Markets are focused on Thursday's weekly jobless claims and Friday's closely watched nonfarm payrolls report. The greenback came under renewed selling pressure on Wednesday after a string of disappointing economic indicators raised concerns about the strength of the US economy. Notably, the ADP employment report showed the private sector added just 37K jobs in May—well below forecasts and marking the weakest...
Gold held gains, after weaker-than-expected US data reinforced expectations that the Federal Reserve will cut interest rates at least twice this year to prevent a recession. Bullion traded near $3,375 an ounce, following a 0.6% increase on Wednesday, after separate reports showed a contraction in US service providers and a deceleration in hiring. Treasury yields fell after the prints, with swap traders pricing in two Fed reductions in October and December. Lower rates are typically a tailwind for gold, which doesn't bear interest. Elsewhere, fears...
The dollar fell across the board on Wednesday after weaker-than-expected U.S. private payrolls highlighted continued slack in the labor market and data showed the U.S. services sector contracted for the first time in about a year in May. U.S. private payrolls rose by just 37,000 jobs in May, much less than expected, after a downwardly revised 60,000 gain in April, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment rising by 110,000 after a previously reported gain of 62,000 in April. U.S. President Donald Trump reiterated...
EUR/USD strengthened on Wednesday (04/06), edging up more than 0.42% as the greenback erased Tuesday's gains following the release of weaker-than-expected economic data from the United States (US). This, coupled with uncertainty fueled by the trade war, pushed the pair past the 1.1400 mark after hitting a daily low of 1.1356. On Tuesday night, US President Donald Trump signed an executive order doubling steel and aluminum tariffs from 25% to 50%, effective June 4, for most countries, except the UK, which remains at 25%. Meanwhile, traders are gearing up for Trump's phone call with Chinese...
Oil prices settled down just over 1% on Wednesday after U.S. data showed surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook. Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9% lower at $62.85. U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels. Distillate stockpiles rose by 4.2...
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...