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 extended its rally for the third straight day on Wednesday (5/21) as the US Dollar (USD) continued to face headwinds following Friday's US credit rating downgrade. This, coupled with the vote for Trump's "One Big, Beautiful Bill," weighed on traders, as it would increase the national debt, which has been deemed unsustainable by Federal Reserve (Fed) Chairman Jerome Powell. The single currency continued to capitalize on broad US Dollar weakness. Moody's revision to downgrade the US government debt rating from AAA to Aa1 on Friday fueled investor concerns over the weekend as the Trump...
Gold prices rose for a third straight session on Wednesday, hitting a one-week high, helped by a weaker dollar and safe-haven demand amid economic and geopolitical uncertainty. Spot gold rose 0.7% to $3,312.77 an ounce, as of 1:55 p.m. ET (1755 GMT). U.S. gold futures settled 0.9% higher at $3,313.50. The U.S. dollar (.DXY), opens a new tab , fell 0.6% against a basket of other currencies, making gold cheaper for holders of foreign currencies. Wall Street's main indexes fell and Treasury yields rose, as investors eyed a key debate over President Donald Trump's tax cut bill that has stoked...
Oil prices fell on Wednesday after Oman's foreign minister said a new round of nuclear talks between Iran and the U.S. would take place later this week. Oil prices rose in early trading after a CNN report on Tuesday said U.S. intelligence showed Israel was preparing to strike Iran's nuclear facilities. CNN cited U.S. officials and added that it was not clear whether Israeli leaders had made a final decision. Brent crude futures fell 47 cents, or 0.7%, to settle at $64.91 a barrel. U.S. West Texas Intermediate crude fell 46 cents, or 0.7%, to settle at $61.57. Iran is the third-largest oil...
Gold prices traded higher, supported by a weaker U.S. dollar and ongoing economic and geopolitical uncertainty. Futures rose 0.9% to $3,315.90 a troy ounce and are up nearly 4% for the week. The dollar index fell 0.6% to 99.55, boosting bullion's appeal to holders of other currencies. Traders focused on the U.S. economic outlook and the Federal Reserve's next policy move, while in Washington, Republicans remained divided over President Trump's tax cut bill. Meanwhile, geopolitical tensions continued to fuel market uncertainty amid stalled talks to end the war in Ukraine, nuclear...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, faced losses of around 1.3% in just three trading days on Wednesday (5/21), trading near 99.58. Throughout the week, the USD has paid the price for the erratic policy changes of the Trump administration, which has faced difficulties on several fronts. US President Trump no longer seems to have a firm grip on Israeli Prime Minister Benjamin Netanyahu. During his tour of the Middle East, Trump declared it was time for a new nuclear deal with Iran and a second chance. However, in the...
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...