Asia stocks hit 2-week high as Fed talk turns dovish

© Reuters. FILE PHOTO: Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo

The remark follows several Fed officials noting that recent rises in longer-term yields may help do the work of tightening financial conditions and crimping inflation, leaving the central bank with less to do in terms of short-term rate levels. On Wednesday the Australian and New Zealand dollars hit their highest levels on the dollar since the end of September, while sterling hit a three-week peak. The euro held at $1.0607, near Tuesday's two-week high."Signs underlying U.S. inflation is moderating could reinforce the more watchful tone from U.S. Fed members about future policy, exerting more pressure on the dollar," said Peter Dragicevich, strategist at cross-border payments firm Corpay.

"Europe has higher than usual gas stockpiles for this time of year, as well as lower than normal gas demand, but these buffers still leave Europe exposed to a colder than usual winter and LNG imports in coming months," said CBA analyst Vivek Dhar.

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