The euro, pound and yen all held their gains against the dollar on Thursday and equities rose as traders grow increasingly hopeful the Federal Reserve will slow its pace of interest rate hikes.
Hong Kong led the gains thanks to a surge in tech firms, extending a recovery from Monday’s rout that was fuelled by worries of President Xi Jinping’s tightened grip on power in China.
After a painful year for markets hit by central bank rate hikes to fight soaring inflation, investors have taken heart from several weak US indicators – the latest on the services and real estate sectors – suggesting the economy is slowing.
That has led to speculation officials could be ready to tap the brakes on the increases, while some Fed policymakers have also raised the possibility of a slowdown.-PNP
Euro and pound hold gains, stocks rally as rate fears ease
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