SINGAPORE - Asian stocks fell on Friday, while the dollar advanced as strong U.S. economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates, keeping investors away from risky assets.
Data on Thursday showed U.S. jobless claims dropped while S&P Global's Flash PMI survey showed business activity expanded faster than economists forecast in May. "This week's data reaffirms the Fed simply does not have the capacity to provide policy accommodation," said Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities.
The changing expectations around U.S. rates has lifted yields, with benchmark U.S. 10-year yield touching a more than one-week peak of 4.498% on Thursday. It was last at 4.463% in early Asian hours on Friday., which measures the U.S. currency against a basket of six major peers, up nearly 0.6% on the week to 105.06, on course for its largest one-week rise since mid-April.
Bank of Japan Governor Kazuo Ueda said on Thursday the economy was on track for a moderate recovery, suggesting a slump in first-quarter gross domestic product alone would not keep the central bank from raising interest rates in coming months.
Nederland Laatste Nieuws, Nederland Headlines
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