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 prices edged higher on Tuesday, after a sharp selloff in the previous session, as investors focused on U.S. inflation data that could shape the Federal Reserve's rate-cut timeline. Spot gold was up 0.2% at $3,349.13 per ounce, as of 0904 GMT. U.S. gold futures for December delivery were steady at $3,398.90. Bullion slid 1.6% to a more than one-week low on Monday, while futures dropped more than 2%, after U.S. President Donald Trump ruled out tariffs on imported bullion. Comex front-month gold futures are now in line with London spot after a near $40/ounce premium on Friday, said...
The U.S. dollar drifted lower Tuesday ahead of the release of the latest U.S. consumer inflation report, which could shape expectations for Federal Reserve interest rate cuts. At 04:15 ET (08:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 98.317, after advancing 0.5% over the past two sessions. U.S. July CPI looms large The focus of foreign exchange traders was squarely on the release of the U.S. consumer price index inflation data for July later in the session, as they seek more cues on future interest rates in the...
Silver price (XAG/USD) gains ground after registering around 2% losses in the previous session, trading around $37.80 per troy ounce during the European hours on Tuesday. The Silver attracts buyers after the US President Donald Trump announced late Monday to postpone the implementation of sweeping tariffs on China for an additional 90 days. The decision came just hours before the previous agreement between the world's two largest economies was set to expire. In response, China's Commerce Ministry announced it would suspend additional tariffs on US goods for the same period, following...
Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers. Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday...
The Japanese Yen (JPY) sticks to its negative bias for the third straight day against a broadly flat US Dollar (USD), allowing the USD/JPY pair to stand firm just below mid-148.00s, or over a one-week high touched during the Asian session on Tuesday. The domestic political uncertainty, along with the potential negative impact of higher US tariffs on the economy, suggests that the prospects for further policy normalization by the Bank of Japan (BoJ) could be delayed further. This, along with a positive risk tone, continues to undermine the safe-haven JPY. That said, an upward revision in...
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...