TOKYO — Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal Reserve policy meeting set for later this week.
Stephen Innes, managing partner at SPI Asset Management, said the market mood was positive after last week's Wall Street tech-driven rally.The recent string of strong earnings have boosted market sentiments, but what could be a risk factor is the declining Japanese yen, he added. In currency trading Monday, the U.S. dollar edged up to 159.17 Japanese yen from 158.30 yen. The euro cost $1.0716, up from $1.0699.
On Wall Street, shares closed out a relatively solid week on Friday, with the S&P 500 rallying 1% to finish its first winning week in the last four.Recent data on U.S. inflation have analysts expecting the Federal Reserve to keep rates on hold. Its main interest rate has been sitting at the highest level since 2001.
In energy trading, benchmark U.S. crude fell 80 cents to $83.05 a barrel. Brent crude, the international standard, lost 91 cents to $88.59 a barrel. Billionaire investor David Einhorn shares an overlooked theory for why gold prices have spiked so much
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