Asian shares inched towards a five-month high on Wednesday and the dollar hovere...
TOKYO - Asian shares inched towards a five-month high on Wednesday and the dollar hovered near a three-week low after Federal Reserve Chairman Jerome Powell reinforced the U.S. central bank’s shift to a more “patient” approach on policy in the face of a slowing economy.
U.S. stock futures were basically flat, with E-Minis for the S&P 500 holding steady following a technical disruption that halted trading for hours. More evidence of the hot and cold economy came overnight, with weaker-than-expected U.S. housing data and a rosy consumer confidence report.. “Chairman Powell’s comments were neutral and the economic data released overnight was mixed, insufficient to provide implications for the Fed’s policy and directions to the market,” said Yasuo Sakuma, chief investment officer at Libra Investments in Tokyo.
Sterling last traded at $1.3246, having risen to $1.3288 on Tuesday, its highest levels in five months. Against the euro, it hit a 21-month high of 85.63 pence .Against the Japanese yen, the greenback held steady at 110.62 yen per dollar. Oil futures rose slightly on Tuesday after news that OPEC planned to continue production cuts despite Trump criticizing the producer group for rising crude prices a day earlier.
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