Stocks in Asia pared a two-week rally and the dollar sat near an 11-month low as investors assess an
investigation into the U.S. president that may stall his economic agenda. The Australian dollar plunged the most since May after a dovish speech by the central bank deputy governor.
U.S. equity futures and the Bloomberg Dollar Spot Index were steady, while most Asian currencies rose, led by the Korean won, the region’s best performer this year. The New Zealand dollar was at its highest since September after Finance Minister Steven Joyce said the kiwi’s level reflected a strong economy. U.S. Treasuries were unchanged and Australian bonds advanced.
Global equities have continued hitting fresh highs this week amid corporate results that have reinforced faith in earnings and the economy. While it’s early in the U.S. reporting season, some 83 percent of companies so far have topped estimates on the bottom line. Asian shares are up more than four percent in the past two weeks, with markets in Japan and Hong Kong back retesting two-year highs.
Politics in Washington are at the forefront after central banks dominated proceedings earlier in the week, with reports that U.S. special counsel Robert Mueller is expanding his investigation of Donald Trump. The news came less than a day after the president told the New York Times that any digging into his finances would cross a red line.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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