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,...
GBP/USD extended recent bullish momentum on Thursday, gaining over two-thirds of one percent on the day and climbing above key technical indicators as market rebalance both a weaker US Dollar (USD) and a stronger Pound Sterling (GBP). A new Federal Reserve (Fed) Board of Governors member selected by Donald Trump is bringing protectionist policy home to the Fed, and a rate cut barely squeezed through the Bank of England's (BoE) Monetary Policy Committee (MPC), trimming expectations of follow-up rate cuts. United States (US) President Donald Trump has selected Stephen Miran, the current...
Oil prices dropped on Thursday for a sixth consecutive session after the Kremlin said Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine. Brent crude futures settled down 46 cents, or 0.7%, at $66.43 a barrel. U.S. West Texas Intermediate crude fell 47 cents, or 0.7%, to $63.88. Both benchmarks slid about 1% on Wednesday, touching their lowest in eight weeks, after comments from Trump on progress in talks with Moscow. Kremlin aide Yuri Ushakov said on Thursday that Trump and Putin...
The EUR/USD turned flat late on Thursday, spurred by rumors that the White House is considering Federal Reserve Governor Christopher Waller as the top candidate to be the next Fed Chair, succeeding Jerome Powell. Economic data in the US has been ignored by investors, who are digesting Trump's choice to replace Kugler with Dr. Stephen Miran for a period that would end in January 2026. The pair trades at 1.1661. Bloomberg revealed that "Trump advisers are impressed with Waller's willingness to move on policy based on forecasting, rather than current data, and his deep knowledge of the Fed...
The GBP/USD surges during the North American session, though trading below an eight-day high reached at 1.3436 after the Bank of England (BoE) decided to cut interest rates on a close vote split, signaling that policymakers remained worried about inflation. Also, a jump in unemployment claims in the United States (US) keeps the Dollar pressured. The pair trades at 1.3410, up 0.48%. Earlier, the BoE cut rates on a 5-4 vote split to 4%, as four members of the BoE's Monetary Policy Committee (MPC) voted to hold rates unchanged, while Taylor wanted a 50-bps rate cut. In its monetary policy...
Silver rose above $38 per ounce on Thursday, reaching its highest level in over a week as expectations for Federal Reserve rate cuts intensified amid signs of a softening US labor market. Investors now await the latest weekly jobless claims data for further confirmation. Adding to the dovish outlook, President Donald Trump is expected to nominate a successor to outgoing Fed Governor Adriana Kugler by the end of the week and has shortlisted four candidates to replace Fed Chair Jerome Powell. Geopolitical tensions also supported safe-haven demand. Trump announced a doubling of tariffs on...
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...