Asia stocks gain, dollar droops as Fed chair sets stage for rate cut

TOKYO - Asian stocks gained and the dollar drooped on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month.

The Shanghai Composite Index advanced 0.8%, South Korea’s KOSPI climbed 1% and Australian stocks edged up 0.3%. “The focus going forward is U.S. data, such as tonight’s CPI, and whether the economy warrants a 50 basis point rate cut this month.” The chance of a 50 bps cut rose to 27.6% from 3.3% on Tuesday, according to CME Group’s FedWatch tool.

The greenback was down 0.35% at 108.080 yen, forced off a six-week high of 108.990 scaled the previous day.The Australian dollar was steady at $0.6962 following an overnight rise of 0.5% against the broadly weaker dollar. The surge helped the Aussie pull away from a 2-1/2-week trough of $0.6910.

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Asia stocks rise, dollar sags as Fed chair sets stage for rate cutAsian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair ... Yuan benchmark here we come. Winter is coming. Moving the goal posts; changing the rules. Typical leftist games.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »

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Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »