LONDON : The euro held near a nine-month high against the dollar on Tuesday, though European stocks eased after regional business activity data reinforced expectations that the European Central Bank will raise rates by a further 50 basis points.
Europe's broad Stoxx 600 index lost 0.4 per cent after the numbers, which analysts said suggests the ECB can continue to raise rates to curtail inflation, without worrying too much about damaging growth. "We're still pretty Fed-focused right now, with the meeting coming up next week. The market is of the extremely optimistic view that there will be two rate cuts by the end of the year."
Japan's Nikkei closed at a more than one-month high, recovering all its losses since the Bank of Japan's surprise policy tweak last month, though U.S. S&P500 futures dropped 0.27 per cent on Tuesday. Hopes of a better economic outlook in Europe, along with suggestions the U.S. Federal Reserve may slow rate hikes more quickly than the ECB, have supported the euro and other neighbouring currencies.
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