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 futures slide after the U.S. Court of International Trade ruled President Trump didn't have the authority to impose sweeping tariffs on nearly every nation. Futures are down 0.6% at $3,288.0 a troy ounce. The court blocked Trump's "Liberation Day" tariffs on Wednesday, voiding the levies that triggered a global trade war and threatened an economic slowdown. The court's tariff ruling does dim some of the safe-haven appeal of gold and table some headline uncertainty, RBC Capital Markets analysts say in a note. The stronger U.S. dollar is also adding pressure on gold, forming an...
The GBP/USD pair trades in negative territory around 1.3435 during the early European session on Thursday. The Greenback strengthens against the Pound Sterling (GBP) after the US trade court blocks US President Donald Trump's sweeping tariffs. The preliminary reading of the US Gross Domestic Product (GDP) report for the first quarter (Q1) will be the highlight later on Thursday. The summary of the May meeting of the Federal Open Market Committee (FOMC) suggested that uncertainty about the economic outlook has increased further. Federal Reserve (Fed) officials said meeting its dual goals of...
The Australian Dollar (AUD) remains subdued for the fourth successive session on Thursday, following disappointing Private Capital Expenditure data for the first quarter. The AUD/USD pair extends its losses as the US Dollar (USD) is trading higher after a US federal court blocked US President Donald Trump's "Liberation Day" tariffs from taking effect. A Reuters report showed that a federal trade court ruled Trump didn't have the authority to impose sweeping tariffs on imports from countries that sell more to the US. The Trump administration has halted some sales of jet engines,...
The USD/CHF pair regains positive traction following the previous day's directionless price move and jumps to over a one-week high, around the 0.8345-0.8350 area during the Asian session Thursday. Moreover, the fundamental backdrop supports prospects for an extension of a multi-day-old uptrend from sub-0.8200 levels, or a nearly three-week low touched on Monday. The global risk sentiment gets a strong boost after the Court of International Trade on Wednesday blocked US President Donald Trump's proposed reciprocal trade tariffs. Wall Street futures and equities across Asia rise sharply in...
EUR/USD extends its losing streak for the third successive session, trading around 1.1240 during the Asian hours on Thursday. The preliminary US Q1 Gross Domestic Product (GDP) Annualized, Personal Consumption Expenditures Prices QoQ, and Initial Jobless Claims, scheduled to be released later in the day. The EUR/USD pair depreciates as the US Dollar (USD) gains ground following a decision by a US federal court on Wednesday to block US President Donald Trump from imposing "Liberation Day" tariffs from taking effect. A three-judge panel at the Court of International Trade in Manhattan ruled...
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...