United States (US) President Donald Trump and his administration have formally asked the federal appeals court to pause a federal order that would allow Lisa Cook to remain at her post at the Federal Reserve (Fed) pending an official probe into accusations of mortgage fraud. According to the Trump administration, potential mortgage fraud is so damaging to the Fed's credibility that Lisa Cook must be removed from the Fed's Board of Governors immediately and should not be allowed to remain in her position without waiting for the results of an official inquiry. Donald Trump, a sitting...
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83%. U.S. West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79%. Brent finished the week with a gain near 6%, while WTI rose 6.29%. Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day...
The yen has suffered a difficult month, but BCA Research thinks the Japanese currency is primed for a multi-year rally. At 08:30 ET (12:30 GMT), USD/JPY traded 0.2% lower at Y150.49, having earlier in the session climbed as high as Y150.91, the Japanese currency's lowest level since March 28. However, BCA Research sees the potential for a sharp recovery, basing its bullish cyclical thesis for the yen rests on three pillars: valuations, balance of payments, and policy normalization. The bank's long-term valuation models are unequivocal: the yen is attractively priced, especially versus the...
The EUR/USD surges more than 1% on Friday as the Greenback gets battered on a worse-than-expected jobs report in the United States (US), which triggered investors' reaction to price in two interest rate cuts by the Federal Reserve (Fed). Data across the pond was shrugged off by traders, which sent the pair from around lows of 1.1391 toward 1.1597. Wall Street extended its losses amidst fears of an economic slowdown in the US. July Nonfarm Payroll (NFP) figures were expected to be weaker compared to June's, but the downward revisions of the previous two months, alongside last month's print,...
Gold price rallies more than 1.50% on Friday following the release of a dismal Nonfarm Payrolls (NFP) report in the United States (US), which showed the jobs market is cooling faster than expected. Also, an escalation of geopolitical risks between Russia and the US prompted traders to buy Gold, which hovers near $3,350 at the time of writing. Market participants had begun to price in an interest rate cut by the Federal Reserve (Fed), following July's jobs data. Although the Unemployment Rate was nearly unchanged, cracks in the labor market vindicated Fed Governors Michelle Bowman and...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) on Friday, giving back most of its earlier gains despite broad weakness in the Greenback following a disappointing Nonfarm Payrolls (NFP) data. The AUD/USD initially surged nearly 70 pips after US jobs data surprised to the downside, but the momentum quickly faded as markets shifted focus to rising expectations of an interest rate cut by the Reserve Bank of Australia (RBA) at its upcoming meeting on August 12. The dovish outlook is keeping the Aussie pinned near multi-week lows. At the time of writing, the...
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...