SINGAPORE : Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial U.S. inflation data that will help gauge whether the Federal Reserve is at the end of its aggressive rate hike policy.The Japanese yen strengthened against most major currencies and last fetched 139.
SINGAPORE : Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial U.S. inflation data that will help gauge whether the Federal Reserve is at the end of its aggressive rate hike policy.
"This data point probably will not change the Fed’s well-communicated intention to resume hiking at the July FOMC meeting," Saxo Markets strategists said in a note. Fed officials have indicated they expect to hike interest rates by at least another 50 basis points as they tackle persistent price pressures.
Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Nuveen's Chief Investment Officer Saira Malik said companies may find it easier to deliver stronger-than-expected second quarter results as analysts had cut estimates in recent weeks.
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