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,...
Gold futures rise on heightened expectations of a Federal Reserve interest rate cut. Futures are up 0.4% at $3,412.90 a troy ounce. Optimism for a rate cut in September is rising on benign consumer price index data and a weak nonfarm payroll print, Tradu.com's Nikos Tzabouras says in a note. This is weighing on the U.S. dollar, which competes with gold's safe-haven characteristics, and makes bullion's non-interest bearing nature more appealing, Tzabouras writes. Still, trade concerns have eased after the extension of the U.S.-China tariff truce and geopolitical tensions have cooled ahead...
Crude held near $66 a barrel after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. The Brent and West Texas Intermediate futures benchmarks were both little changed. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian...
The dollar fell to a two-week low on Wednesday after a tame reading on U.S. inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump's attempts to extend his grip over U.S. institutions also undermining the currency. The dollar index, measuring the currency against a basket of peers, fell to 97.62, its lowest since July 28, extending its 0.5% fall on Tuesday. It was last down 0.3% at 97.70. U.S. consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump's sweeping tariffs to...
Gold rose on Wednesday as expectations of a U.S. Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered bullion's demand. Spot gold gained 0.3% to $3,354.77 per ounce, as of 0802 GMT. U.S. gold futures for December delivery inched up 0.1% at $3,403.20. "Market participants are starting to debate if the Fed will do a 50 basis point cut at its September meeting following the comments from U.S. Treasury Secretary Bessent yesterday, with a focus on incoming weaker U.S. economic data supporting that," said UBS commodity...
Crude edged lower after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. Global benchmark Brent fell as much as 0.9% to around $66 a barrel, extending Tuesday's small decline. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian counterpart in Alaska on Friday...
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...