Singapore — Asian stocks jumped on Thursday while the dollar eased after Federal Reserve chair Jerome Powell said a “disinflationary” process was under way, boosting risk appetite and hope that the US central bank will soon end its monetary tightening streak.
Ali Hassan, portfolio manager & MD at Thornburg Investment Management, said Powell was seemingly shrugging off easier financial conditions as a concern in his news conference.The focus will now switch to European Central Bank and Bank of England meetings scheduled for Thursday and the interest rate path the two central banks are likely to take.
In the currency market, the dollar spiked lower after Powell’s remarks, with the US dollar index, which measures the currency against six major peers, falling to a fresh nine-month low of 100.80. It was last at 100.98.
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