TOKYO : Asia-Pacific equities rose to their highest level since mid-February on Friday, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate hike next week.Japanese and Australian bond yields followed those on U.S. Treasuries lower, and the dollar re
TOKYO : Asia-Pacific equities rose to their highest level since mid-February on Friday, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate hike next week.
Much of that was driven by a 1.66 per cent jump in Japan's Nikkei, which rebounded strongly following its plunge from a 33-year high in the previous session. Traders now lay 1-in-4 odds for the Fed to raise rates by a quarter point on June 14, versus 75 per cent probability of a pause. However, the market sees a hike as mostly assured by the July 26 decision, laying the odds at about 80 per cent.
"I wouldn't go all in and say we're going to get a rate hike, but I think we should be at least 50 per cent priced," said Tony Sycamore, an analyst at IG Markets in Sydney. Powell said on May 19 that it was still unclear if U.S. interest rates will need to rise further, and the risks of overtightening or undertightening had become more balanced.
Elsewhere, the Turkish lira extended its decline to a new record low of 23.54 per dollar, even as President Tayyip Erdogan's appointment of a U.S. banker as central bank chief sent a fresh signal for a return to more orthodox policy.
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