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...
Oil prices fell slightly in trade on Tuesday, losing some ground after pledges of more stimulus in top importer China and heightened geopolitical tensions in Syria sparked strong gains. Anticipation of more economic signals from China and the U.S. in the coming days also kept traders to the sidelines, as did caution over a monthly report from the OPEC. Brent oil futures expiring in February fell 0.2% to $72.0 a barrel, while West Texas Intermediate crude futures fell 0.2% to $67.96 a barrel by 20:44 ET (01:44 GMT). Oil prices rose over 1% on Monday after China's top political body...
Gold futures rise on safe-haven demand and central-bank purchases. Futures are up 0.5% at $2,699.30 a troy ounce. The precious metal found support from heightened geopolitical tensions, bolstering its appeal as a safe-haven asset, says Ricardo Evangelista, senior analyst at ActivTrades. China's central bank said it has resumed gold purchases after a six-month hiatus, adding further support, Evangelista writes. Expectations that the Federal Reserve will cut U.S. interest rates later this month have solidified among traders, boosting the appeal of non-interest bearing bullion and completing...
The Pound Sterling (GBP) consolidates in a tight range near 1.2750 against the US Dollar (USD) in Tuesday's European session. The GBP/USD pair trades sideways as investors focus on the United States (US) Consumer Price Index (CPI) data for November, which will be published on Wednesday. Economists expect the annual headline inflation to have accelerated to 2.7% from the October reading of 2.6%. In the same period, the core CPI which excludes volatile food and energy prices is expected to have risen steadily by 3.3%. The month-on-month headline and core CPI are estimated to have grown...
Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria's president, despite support from China's plan to ramp up policy stimulus - a potential boost to demand from the world's biggest crude buyer. Brent crude futures fell 24 cents to $71.90 per barrel at 1009 GMT. U.S. West Texas Intermediate was down 28 cents at $68.09. Both benchmarks had risen more than 1% on Monday. In Syria, rebels were working to form a government and restore order after the ouster of President Bashar al-Assad, with the country's banks and oil sector set to resume work on...
EUR/USD slides to near 1.0530 in Tuesday's European session as investors turn cautious ahead of the European Central Bank (ECB) monetary policy meeting, which will be announced on Thursday. Traders have priced in a 25-basis points (bps) reduction in the Deposit Facility Rate to 3%. This would be the third interest rate cut decision by the ECB in a row. Market experts assume that a slew of factors, including Donald Trump's victory in the United States (US) Presidential elections, political turmoil in France and Germany, and a sharp slowdown in the Eurozone business activity compelled...
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...