It last traded at $1.1086.īenchmark 10-year gilt yields had swung from a fresh 14-year peak at 4.632% to close at 4.429% on Wednesday, little changed from the previous session. currency remained close to a fresh 24-year high to the yen from overnight at 146.98, last changing hands at 146.85.īut the dollar was little changed versus sterling, which had rebounded strongly from a two-week trough of $1.0925 on Tuesday.
The dollar index, which gauges the greenback against six major rivals, stuck near the middle of its range this week, trading little changed at 113.27. "A pivot will depend on the inflation data." Wednesday's minutes were "not the dovish pivot some market participants are looking for," Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote in a client note. consumer price data due later in the global day. The immediate focus for investors now is U.S. Markets lay 90% odds for another 75 basis-point rate hike in November, versus 10% probability of a half-point bump. Treasury yields turned lower after the minutes, reversing an earlier rise, with investors focusing on the dovish undertones in taking yields back from near two-decade highs.īut Fed Governor Michelle Bowman struck a hawkish stance in a speech on Wednesday, saying that if high inflation does not start to wane she will continue to support aggressive rate rises. rates turned lower overnight after minutes from the Fed's latest policy meeting showed many officials "emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action," although several committee members said it would be important to "calibrate" the pace of further rate hikes to reduce the risk of "significant adverse effects" on the economy.
long-term Treasury yields languished near the lows of the past two days, sitting little changed at 3.9227% in Tokyo trading. emini stock futures also offered some slight hope, rising 0.1% following a 0.33% decline in the S&P 500 from overnight. MSCI's broadest index of Asia-Pacific shares sank 0.54%, languishing close to Wednesday's 2 1/2-year low.Īustralia's stock benchmark was an outlier, eking out a 0.1% gain, buoyed by big gains for Qantas after the airline said it expects to swing to profit for the first-half. All Rights Reserved.Hong Kong's Hang Seng dropped 1.02%, and mainland Chinese blue chips lost 0.64%.
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