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...
Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down in the previous session, although concerns about a market surplus persisted. Brent crude futures were up $1.80, or 3%, to $62.03 a barrel by 1310 GMT, the first gain after six consecutive declines, while U.S. West Texas Intermediate crude added $1.81, or 3.2%, to $58.94 a barrel. Both benchmarks had settled at their lowest levels since February 2021 on Monday, driven by an OPEC+ decision over the weekend to further speed up oil...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, edges lower while remaining stuck in a very tight range on Tuesday. Market participants are assessing the recent sharp move in the Taiwan Dollar (TWD), which appreciated by more than 5% against the Greenback on Monday before retreating somewhat on Tuesday. Markets are trying to assess if a spillover effect could occur, affecting bigger Asian currencies such as the South Korean Won (KRW), the Japanese Yen (JPY) or the Chinese Renminbi (CNH). Meanwhile, on the geopolitical front, a...
Gold prices rose to a two-week high on Tuesday, as tariff threats from U.S. President Donald Trump lifted demand for the safe-haven metal, while the Federal Reserve's policy decision this week was also in focus. Spot gold rose 1.4% to $3,381.37 an ounce, as of 1009 GMT, after hitting its highest since April 22 earlier in the session. U.S. gold futures gained 2% to $3,389.20. "The structural factors that supported gold in recent weeks are all still around - trade tensions are not fixed, concern about the dollar as a reserve currency," said UBS analyst Giovanni Staunovo. "We are still...
The AUD/USD pair corrects sharply to near 0.6450 in Tuesday's European session from the five-month high of 0.6500 posted on Monday. The Aussie pair retraces as the Australian Dollar (AUD) underperforms across the board due to a slowdown in business activity in China. Signs of moderate growth in economic activities in China weigh heavily on the Aussie Dollar, given Australia's significant reliance on its exports to Beijing. Caixin Manufacturing and Services Purchasing Managers' Index (PMI) data for April have demonstrated that businesses are facing pressure due to the fallout of higher...
The euro held steady around $1.13, slightly below the nearly three-year high reached in April, continuing to benefit from broad dollar weakness. Traders remained focused on the ongoing trade war, particularly negotiations between the US and several Asian countries, while talks with China appeared to have stalled. Meanwhile, Friedrich Merz faced an unexpected setback after failing to secure election as German Chancellor in the first round of parliamentary voting. Although the next steps remain uncertain, it potentially delayed Merz's swearing-in. His CDU-led coalition with the centre-left...
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...