Asia stocks rise, US dollar languishes near two-year lows on accomodative Fed

SYDNEY - Asian stocks were boosted on Thursday by the promise of ultra-easy monetary policy globally as the US Federal Reserve left interest rates near zero to support the country's virus-battered economy, sending the dollar to a two-year trough.

The confidence extended in Asia where Japan's Nikkei and South Korea's KOSPI were up 0.3 per cent each, Australia's main index climbed 0.7 per cent and Hong Kong's Hang Seng index rose 0.2 per cent. "There is no doubt that the Fed's large presence in markets has provided risk assets with a backstop to stop a tightening in financial conditions," said Perpetual analyst Matthew Sherwood.

US President Donald Trump said on Wednesday that his administration and Democrats in Congress were still"far apart" on a new coronavirus relief bill. The greenback weakness supported the euro at US$1.1792. The common currency had hit a two-year high of US$1.1807 and is on course to post its biggest monthly gain in 10 years, having risen about 5 per cent so far this month.

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US stocks end up as Fed keeps accommodative stanceNEW YORK (AFP) - Wall Street stocks finished solidly higher on Wednesday (July 29) as the Federal Reserve again stressed that it would maintain its highly accommodative stance and keep interest rates at zero until the economy recovers.. Read more at straitstimes.com.
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