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,...
The dollar was steady on Friday but poised for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. As concerns over softening U.S. economic momentum, especially in the labour market, boost hopes of Fed rate cuts, the dollar was down 0.6% on the week so far, against a basket of peers. On the day, the dollar index was little changed, at 98.1. Trump has nominated Council of Economic Advisers Chairman Stephen Miran for a newly vacant seat at the Fed,...
Gold price (XAU/USD) trims a part of modest intraday losses, though remains depressed below the $3,400 mark and over a two-week high touched earlier this Friday. Against the backdrop of the upbeat market mood, a modest US Dollar (USD) uptick prompts some profit-taking around the commodity following the recent move higher over the past week or so. However, a combination of factors helps limit the downside for the precious metal. US President Donald Trump's fresh tariff threats this week keep investors on edge and continue to act as a tailwind for the safe-haven Gold price. Furthermore, the...
Silver (XAG/USD) is trading higher on Friday and on track for a 3.5% weekly rally from $31.20 lows, but the precious metal is struggling to find acceptance in the upper range of the $38.00s, which might lead to some bearish correction. The Fundamental background remains favourable, with recent US data putting pressure on the US Dollar to lower interest rates, but comments from St Louis Fed President Raphael Bostic warning about the inflationary impact of Trump's tariffs have eased hopes of a September cut, providing some support to the US Dollar. Beyond that, news reports by Bloomberg...
Oil prices headed for their longest decline since 2021, as traders judged that US efforts to end the war in Ukraine would not impact overall supply, even as Washington punished India for taking Moscow's crude. Brent fell near $66 a barrel, down for the seventh straight session, while West Texas Intermediate fell below $64. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, said he is willing to meet with Vladimir Putin, even if the Russian leader has not yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump...
Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend. Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders. Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could...
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...