The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday after tamer-than-expected producer price inflation last month calmed worries that price pressures would hold the central bank back from policy easing. Traders stuck to bets the Fed will start with a quarter-point reduction at its meeting next week, and continue with same-sized cuts through year-end, based on pricing of futures contracts that settle to the Fed's policy rate. The producer price index increased 2.6% in August from a year earlier,...
Silver (XAG/USD) edges lower on Thursday, snapping a two-day losing streak as stronger-than-expected US Producer Price Index (PPI) and upbeat Jobless Claims data bolster the US Dollar. At the time of writing, the metal is trading near $38.00 during the American session, down nearly 1.30% on the day. Earlier in the Asian session, XAG/USD struggled to sustain gains above $38.50, peaking at $38.74 — its highest level since July 25 — before sellers pushed prices lower. Meanwhile, the US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, is staging a...
Gold edged lower early on Thursday as the dollar and yields rose following a report showed U.S. wholesale prices unexpectedly surged in July. Gold for December delivery was last seen down US$11.60 to US$3,396.70 per ounce. The U.S. Bureau of Labor Statistics on Thursday said its July Producer Price Index (PPI) rose 0.9% from June, well above a flat reading a month earlier and the 0.2% consensus estimate from analysts polled by FactSet. Core PPI, excluding volatile items, was up 0.6% from June, also above the consensus estimate for a 0.3% rise. It was the largest monthly increase for core...
Oil prices rose Thursday as focus remained squarely on how an upcoming meeting between U.S. and Russian leaders will affect global supply. At 08:45 ET (12:45 GMT), Brent oil futures for October rose 0.5% to $65.94 a barrel, while West Texas Intermediate crude futures rose 0.5% to $62.97 a barrel. Both contracts are on course for weekly losses of around 1%. Trump-Putin meeting on Ukraine key U.S. President Donald Trump and Russian counterpart Vladimir Putin are set to meet in Alaska on Friday to discuss terms for a ceasefire with Ukraine. Trump on Wednesday threatened "severe...
Oil prices were stable on Thursday as investors weighed the potential impact of Friday's U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Russia if it does not agree to peace. Brent crude futures were up 35 cents, or 0.53%, at $65.98 a barrel by 0957 GMT, while U.S. West Texas Intermediate crude futures were 35 cents, or 0.56%, higher at $63.00. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on...
The Pound Sterling (GBP) attracts bids against its major peers on Thursday on upbeat United Kingdom (UK) Gross Domestic Product (GDP) and factory data. The Office for National Statistics (ONS) reported that the economy grew by 0.3% in the second quarter of the year, stronger than expectations of 0.1%. In the first quarter of the year, GDP growth was 0.7%. In June, the UK economy grew by 0.4% after contracting 0.1% in May, while it was expected to rise just by 0.1%. Factory data has also come in stronger than projected. Month-on-month, Manufacturing and Industrial Production rose by 0.5%...
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...