Federal Reserve Governor Lisa Cook on Tuesday laid out in greater detail her opposition to President Donald Trump's bid to remove her from office, saying it was too late to fire her for mortgage information she disclosed during her confirmation process. In a filing in U.S. District Court, Cook said she listed mortgages on three properties on forms submitted to the White House and U.S. Senate in the vetting process for her appointment to the Fed in 2022. Any inconsistencies were known when she was confirmed and cannot give Trump grounds to fire her now, she said. Trump and Federal Housing...
The Japanese Yen (JPY) held firm against its US counterpart, lifting the USD/JPY pair near the 153.00 level, or a fresh monthly peak during the Asian session on Friday. Recent media reports suggested that the Bank of Japan (BOJ) will not raise interest rates at its upcoming policy meeting next week, which in turn, further undermined the JPY. Moreover, expectations for a less dovish Federal Reserve (Fed) continued to support higher US Treasury bond yields and further weighed on the lower-yielding JPY. Meanwhile, the BOJ's quarterly Tankan survey released today showed that business...
The Australian Dollar (AUD) continued to weaken against the US Dollar (USD) on Friday. The threat of tariffs from the Trump administration has boosted the US Dollar (USD) across the board and created a headwind for the AUD/USD pair. Additionally, speculation about a potential 10% tariff on Chinese goods could drag the AUD lower as China has been Australia's largest trading partner. The AUD gained support after the release of mixed domestic employment data on Thursday. The seasonally adjusted Employment Change rose by 35,600, bringing the total number of employed people to 14,535,500 in...
Gold prices (XAU/USD) recovered from a dip to around $2,690 during Asian trading hours on Friday after falling from a five-week high in the previous session. All eyes will be on the US Federal Reserve's (Fed) interest rate decision next week. Gold purchases by central banks, including the People's Bank of China (PBOC), could provide some support to the yellow metal. China's central bank resumed gold purchases in November after a six-month hiatus, increasing its reserves to 72.96 million troy ounces. The move comes as Beijing signals a shift to a "moderately loose" monetary policy, with...
Oil is headed for a weekly gain as the prospect of tighter U.S. sanctions on Iran and Russia offset persistent concerns about a massive global oversupply next year. West Texas Intermediate is trading near $70 a barrel, up about 4% so far this week, while Brent closed above $73. President-elect Donald Trump's pick for national security adviser has vowed to return to "maximum pressure" on Iran, while the Biden administration is considering new sanctions on Russian oil trade before leaving the White House next month. The prospect of tougher penalties briefly sparked a bullish surge in the...
Oil prices fell slightly Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures fell 11 cents to close at $73.41 a barrel. U.S. West Texas Intermediate crude futures declined 27 cents to settle at $70.02. Both benchmarks rose by more than $1 on Wednesday. The International Energy Agency said it expected the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. OPEC cut its demand growth forecast for 2024 for the fifth straight...
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...