TOKYO - U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.
Equivalent Japanese yields hit the highest since December 2011 at 1.065%, while Australian yields jumped to a more than three-week top at 4.42%.Investors were also caught off-guard by a sharp improvement in a U.S. consumer confidence measure for May. Economists had predicted a fourth straight month of weaker confidence, particularly after a tepid reading for the University of Michigan's analogous survey result from Friday.
The dollar rose to a four-week peak of 157.41 yen on Wednesday, while gaining 0.07% against both the euro and sterling. "Our base line view is 'yes it will' - we still have September for a first Fed easing, then another by year-end."Regional stock markets were mostly lower on Wednesday, with the notable exception of mainland China.
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