SINGAPORE - Asian stocks broadly rose on Wednesday, while the dollar was steady as a softening U.S. labour market firmed up bets of a Federal Reserve interest rate cut in September and investors awaited crucial payrolls report later this week.
"I think there's a strange trade off between those who like that data as encouraging thoughts of rate cuts and those who are looking at things going on and that are not great news," said Rob Carnell, ING's regional head of research for Asia Pacific. "Beyond inflation data, however, bad news on growth is likely to remain straightforwardly bad news for the dollar unless recession concerns intensify," said Daragh Maher, head of FX strategy for the U.S. at HSBC.
Modi's ruling Bharatiya Janata Party lost an outright majority in parliament for the first time in a decade and is dependent on its regional allies to get past the half-way mark required to run the world's largest democracy.
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