Asian stocks set to rise on Fed policy, dollar hits two-year low

Asian stocks were set to track an upbeat Wall Street session on Thursday after the Federal Reserve kept interest rates at ultra-low levels, while the U.S. dollar fell to a two-year low.

The Dow Jones Industrial Average on Wednesday ended 0.6per cent higher, the S&P 500 gained 1.24per cent and the Nasdaq Composite added 1.35per cent. The greenback has tumbled on expectations that the Fed will continue its ultra loose monetary policy for years to come and speculation that it will allow inflation to run higher than it has previously indicated before raising interest rates.

"If Congress does that to the satisfaction of the market, they’ll just drag the rest of the global markets higher with them," Piotrowski said. U.S. deaths from the novel coronavirus surpassed 150,000 on Wednesday, higher than any other country and nearly a quarter of the world's total, according to a Reuters tally.

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