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...
EUR/USD edged higher during the North American session to hit a six-week high of 1.1449, poised to hold above 1.1400 as the US Dollar dropped to levels last seen in April as the "Sell America" trade continued. Escalating trade tensions between the United States (US) and China, as well as the Eurozone (EU), prompted investors to favor the Greenback with the Euro posting a gain of over 0.68%. Recently, economic data in the US revealed that business activity in the manufacturing sector remained in contraction territory, according to the Institute for Supply Management (ISM). Last week, US...
Oil prices rose more than 2% on Monday, even as the OPEC+ producer group stuck to its output hike plan, as wildfires in Canada's oil-producing provinces threatened supplies and President Donald Trump's threat of new tariffs weighed on the dollar. Brent crude rose $1.76, or 2.8%, to $64.54 a barrel by 2:14 p.m. EDT (1814 GMT). U.S. West Texas Intermediate crude rose $1.63, or 2.68%, to $62.42. Wildfires burning in Canada's oil-producing province of Alberta have affected about 7% of the country's total crude output as of Monday, according to Reuters calculations. At least two thermal oil...
Gold prices jumped 2.5% on Monday to above $3,370 an ounce, hitting their highest in more than three weeks as investors sought a safe haven amid rising geopolitical and economic risks. A 0.7% drop in the dollar made the metal more attractive to foreign buyers, further fueling the rally. Market jitters mounted after U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4, adding to existing trade tensions with China. Trump also accused Beijing of violating a recent tariff truce, while China retaliated with its own accusations,...
The dollar's decline this year risks accelerating, with June providing a number of potentially negative catalysts. The 2025 decline, though steeper by more than 7% — so far orderly, but the scale and scope of the dollar's selling is likely to increase on any dovish Fed pricing later in the year. The dollar fell on Monday — down against all G10 currencies — after just posting its fifth straight monthly decline in its longest losing streak since 2020. Traders began the month grappling with deteriorating diplomatic relations between the U.S. and China over trade and weaker-than-expected...
Gold rose more than 2% on Monday to its highest in more than three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fueled investor demand for safe-haven assets. Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m. ET (1419 GMT), after hitting its highest since May 8 earlier in the session. U.S. gold futures were up 2.6% at $3,402.70. The dollar (.DXY), fell 0.7% against a basket of other currencies, making bullion cheaper for holders of other currencies. Stocks also fell as U.S.-China trade tensions escalated and investors braced for a...
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...