Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair ...
TOKYO - Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month.
“The markets had hoped for Powell to express dovish views and they got what they wanted,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. But the Fed chair’s cautious stance on the world’s largest economy helped revive views of a chance of heftier easing at the next Fed policy meeting on July 30-31.
The greenback was down 0.15% at 108.320 yen, forced off a six-week high of 108.990 scaled the previous day.The Australian dollar was steady at $0.6961 following an overnight rise of 0.5% against the broadly weaker dollar. The surge helped the Aussie pull away from a 2-1/2-week trough of $0.6910.
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