Dollar cedes ground, Asia stocks mixed as Fed looms large

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 PhotoTOKYO : The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.

Mainland Chinese blue chips opened flat after coming back online following a holiday-extended weekend, and Taiwan also returned from a day off to trade 0.35 per cent weaker. Australia's benchmark was little changed.Hong Kong and South Korea were among major markets closed for holidays. "If the Fed nails it at this meeting, the bull market could charge on. If it doesn't, then it could signal a high water mark in this cycle."

Gold found its feet, rising 0.15 per cent to $2,573.18 per ounce after slipping back from an all-time high in the previous session.

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