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Asia stocks firm, dollar sags with US yields on Fed cut bets

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TOKYO : Asian stocks were firm on Thursday while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.

FILE PHOTO: People walk on an overpass with a display of stock information in front of buildings in the Lujiazui financial district in Shanghai, China August 6, 2024. REUTERS/Nicoco Chan/File Photo

The dollar remained weak after slumping overnight to its lowest level to the euro since the end of last year. The single currency traded flat at $1.1009 after reaching $1.10475 in the previous session. Traders remain convinced that the Fed will reduce rates on Sept. 18 for the first time in 4-1/2 years, but are split on whether policy makers will opt for a super-sized 50 basis-point reduction. While inflation is slowing, signs it may remain sticky spurred a reduction of bets on a larger cut to 37.5 per cent from about 50 per cent a day earlier.

Sterling remained depressed after soft UK inflation figures hinted at faster, deeper Bank of England rate cuts. The currency was flat at $1.2824 after sagging 0.3 per cent on Wednesday.

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इंडिया ताज़ा खबर, इंडिया मुख्य बातें

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