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International Finance: Dollar up, stocks down as traders eye rate paths: markets wrap

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The dollar advanced and stocks extended declines in Asia at the start of a pivotal week for markets, with interest rate decisions due from the Federal Reserve, the European Central Bank and a host of their peers.

The greenback rose versus all of its Group-of-10 counterparts while an index of Asian equities fell, ending a two-day winning streak.

Recession fears have resurfaced ahead of the Fed decision on Wednesday, when policymakers are expected to downshift to a 50 basis points hike. Yet officials including chair Jerome Powell have also stressed that borrowing costs will need to remain restrictive for some time, putting them at odds with some investors looking for rate cuts later in 2023.

“Easing financial conditions and expected China stimulus could mean the Fed continues to chase the inflation train from the back into the next year as well,” strategists at Saxo Capital Markets wrote in a note.

 

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