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giftedviz.com January 19, 2019


USA dollar eases in Asian trade on expectations of Fed pause

10 January 2019, 02:55 | Austin Hogan

The Dow rallied following Fed Chairman Jerome Powell’s comment that there was no “preset path” toward raising interest rates

The Dow rallied following Fed Chairman Jerome Powell’s comment that there was no “preset path” toward raising interest rates

The American central bank chairman Jerome Powell said last week that the Federal Reserve could put a pause on the interest rate hikes if the U.S. economy would weaken and even pledged that he will stay despite the pressure from Trump to resign.

Japan's Nikkei shot up 3.1 percent, helped in part by a pullback in the yen, while South Korea added 1.5 percent.

Gold rose and palladium hit a record high on Monday as the dollar was dented by expectations that the U.S.

Felix Lam, a portfolio manager at BNP Paribas Asset Management, said policy makers in the world's two largest economies had helped lift market sentiment, but the key question mark was whether the two countries could reach a trade deal.

Yields on two-year Treasuries rose to 2.49 percent, from a trough of 2.37 percent, but were still below those on one-year paper.

Nomura chief China economist Ting Lu said Beijing's latest moves to unlock liquidity in the financial system "reflect its increasing concerns about looming growth headwinds and its increased willingness to step up policy easing and stimulus".

Asian markets rallied Monday after a blockbuster performance on Wall Street as USA jobs data beat forecasts and the head of the Federal Reserve hinted at a slower pace of interest rate hikes.

Powell said the central bank "will be patient" with monetary policy as it watches the economy evolve.

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The dollar outperformed other currencies in 2018 due to the Fed being the only major central bank to hike rates.

The dollar index stood near 2-1/2-month lows as investors grew increasingly convinced that the Federal Reserve will not raise interest rates this year amid uncertainties over the United States economy. If the Fed holds rates in 2019, analysts see slim chances of further greenback appreciation.

However, few analysts still see scope for the Fed to raise rated in 2019.

In currency markets, the dollar index .DXY , which tracks the greenback versus the euro, yen, sterling and three other currencies, was down 0.49 percent at 95.709 amid the diminished expectations for further US rate hikes. Poland and Hungary surprised the market in 2018 by adding to their gold holdings for the first time in many years. The move frees up $116 billion for new lending as it tries to reduce the risk of a pronounced fall in the pace of economic growth. Ray Attrill, head of currency strategy at National Australia Bank, thinks it may be reasonable to expect as many as four 100 bps cuts this year.

The Dow Jones Industrial Average .DJI rose 98.19 points, or 0.42 percent, to close at 23,531.35, the S&P 500 .SPX gained 17.75 points, or 0.70 percent, to finish at 2,549.69 and the Nasdaq Composite .IXIC added 84.61 points, or 1.26 percent, to end at 6,823.47.

However, with global stocks largely staying higher amid renewed optimism about a U.S.

The two sides have until March 1 to make a deal, after which Trump has pledged to ramp up tariffs to 25 percent, from 10 percent, on $200 billion worth of Chinese imports.



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