SYDNEY : Asian shares fell on Thursday after global central banks reaffirmed their resolve to beat inflation, warning rates may need to rise further, while the yen and yuan struggled to lift from lows amid jitters of intervention.
The onshore yuan eased to 7.2491 per dollar, just a whisker away from its eight-month trough hit a day ago. That was despite a stronger-than-expected central bank fixing, which investors read as an official attempt to rein in weakness in the currency. On Wednesday, Federal Reserve Chair Jerome Powell said the bank will likely raise rates further and did not rule out a July hike. Notably, he said he did not see inflation abating to the 2 per cent target until 2025.
European Central Bank President Christine Lagarde, on the other hand, cemented expectations for a ninth consecutive rise in euro zone rates in July. Markets have all but priced in two more rate hikes from the ECB this year.
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