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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