Hong Kong — Asian stocks slipped while the US dollar was steadfast on Wednesday, after US inflation data and remarks from central bank officials have investors worrying interest rates are going to be higher for longer.
“If I combine this earlier [US] Fed rhetoric trying to keep the rates higher for longer and the recent CPI number ... then it seems likely that there should be some degree of moderation in the equity markets, both developed markets and Asian markets,” said Manishi Raychaudhuri, head of Asia Pacific equity research at BNP Paribas.
The dollar touched a six-week high of 133.30 Japanese yen overnight and hovered at 132.80 yen on Wednesday. It had a bumpier ride against other currencies after the CPI data, but seems to be pausing after a January slide.
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