Fed Governor Philip Jefferson issued a cautious message in a speech last night, stating that while April's inflation data was "encouraging," it remains "too early to tell" if the recent slowdown in disinflation will be "long lasting." He described current monetary policy as restrictive and declined to predict whether rate cuts will happen this year. He emphasized the importance of continuing to closely monitor incoming economic data, the outlook, and the balance of risks.
Gold Price Forecast: XAU/USD needs to defend the 2,400 level, as more Fedspeak looms fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
Australian Dollar weakened broadly during Asian session as its recent rally lost momentum. Despite RBA minutes revealing that a rate hike was considered earlier this month, which should have been supportive for the Aussie, this positive sentiment was countered by weak consumer sentiment readings. Additionally, Aussie seemed to be weighed down by a pullback in regional stock markets, particularly with the retreat in Hong Kong's HSI.
Fed policymakers take on a cautious language on policy outlook fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.