Asian stocks gain as dollar strengthens on Fed officials' comments

Asian stocks gain as dollar strengthens on Fed officials' comments

Asian stocks gain as dollar strengthens on Fed officials' comments

Although the Fed raised rates last week, weaker economic data has cast doubts over the central bank's ability to pursue an aggressive monetary policy for the rest of the year. The loonie traded in a range of C$1.3205 to C$1.3284. The measure has been climbing after touching the lowest level since October last week. "A revisit of the lows seen in 2016 appears unlikely unless the central bank allows domestic liquidity to surge again", DBS added.

Higher interest rates tend to boost the dollar, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.

Additionally, the Philippines posted a balance of payments deficit of $59 million in May compared with a surplus of $917 million in April, data released by the Philippine central bank showed.

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Economic and interest-rate policy uncertainty will continue to hold sway over metals and currency trading. Yet neither is it in any position to tighten as household incomes are already being squeezed by paltry wages growth. Rennie said there is keen interest, in particular after comments by Reserve Bank assistant governor John McDermott about the possibility of rates increasing or decreasing. Brent crude rose 0.19 percent to trade at Dollars 47 a barrel and US West Texas Intermediate crude gained 0.18 percent to trade at usd 44.28. It reached a 10-week top of $0.7636 last week but has since failed repeatedly to sustain a breach of resistance above $0.7630.

Meanwhile, thirty-year bond yields, which are largely driven by future expectations of growth and inflation, dropped to 2.72 percent on Wednesday, the lowest since November 9.

That is a change from years past, where high unemployment was at the top of the Federal Reserve's worry list for the US economy.

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August gold GCQ7, -0.21% fell $3.20, or 0.3%, to settle at $1,243.50 an ounce after suffering a decline of 0.8% Monday.

The dollar edged back from one-month highs against a basket of currencies early on Wednesday as a tumble in crude oil prices pushed down USA yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike.

In the wider markets, a 2.5% drop in oil prices to their lowest in seven months dragged global equities off all-time highs, limiting losses in gold which is seen as an alternative investment to volatile stocks.

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The U.S. crude futures contract for July, due to expire later on Tuesday, settled down 97 cents at $43.23, the lowest since September 16.

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