Asia stocks surge as cooling inflation feeds hopes Fed will ease up

SINGAPORE : Asian shares spiked higher on Friday, while the dollar nursed steep losses after a smaller-than-expected increase in U.S. consumer prices fuelled hopes that the Federal Reserve could tone down its aggressive pace of interest rate hikes.

"It's something the market had been waiting for a long time," said Shane Oliver, head of investment strategy and chief economist at AMP Capital."There was a lot of money sitting on the sidelines." Financial markets have now priced in an 85 per cent likelihood of a smaller, 50 basis-point interest rate hike at the conclusion of next month's FOMC policy meeting, according to CME's Fedwatch tool.

In the currency market, the U.S. dollar index slumped more than 2 per cent overnight to 108.100, the most in over a decade. It was last at 108.230.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia airline travel underpinned by 2023 forward bookings -industry bodyBANGKOK : A rebound in Asian airline travel is 'doing well' going into 2023 based on forward bookings, Subhas Menon, director general of the Association of Asia Pacific Airlines (AAPA), said on Thursday.Speaking on the sidelines of the group's meeting in Bangkok, Menon told reporters that airlines underes
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »