SINGAPORE : Asian stocks jumped on Thursday while the dollar eased after Federal Reserve Chair Jerome Powell said a"disinflationary" process was underway, boosting risk appetite and hope that the U.S. central bank will soon end its monetary tightening streak.
The U.S. central bank announced an expected 25 basis points interest rate increase after a year of larger hikes and said it had turned a key corner in the fight against a high inflation rate. But policymakers projected"ongoing increases" in borrowing costs would still be needed. Saxo Markets strategists said the ECB has surpassed its peers in the hawkishness quotient recently, and will likely repeat that this week.
The euro was up 0.2 per cent to $1.1011. The yen strengthened 0.22 per cent to 128.65 per dollar, while sterling was last trading at $1.2372, down 0.03 per cent on the day.
Source: News Formal (newsformal.com)
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