Asia stocks rise, dollar sags as Fed chair sets stage for rate cut

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

"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." But the Fed chair's cautious stance on the world's largest economy helped revive views of a chance of heftier easing at the next Fed policy meeting on July 30-31.The chance of a 50 bps cut rose to 27.6per cent from 3.3per cent on Tuesday, according to CME Group's FedWatch tool.

The greenback was down 0.15per cent at 108.320 yen, forced off a six-week high of 108.990 scaled the previous day.The Australian dollar was steady at US$0.6961 following an overnight rise of 0.5per cent against the broadly weaker dollar. The surge helped the Aussie pull away from a 2-1/2-week trough of US$0.6910.

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