The euro held on to gains triggered by a hawkish tilt from the European Central Bank and Treasuries declined as Janet Yellen signaled the U.S. economy can withstand higher interest rates and said that asset valuations were rich.
The euro held at the highest level in 10 months as ECB chief Mario Draghi offered upbeat remarks. That weighed on the dollar and U.S. government bonds as Yellen did little to support the U.S. currency. Stocks in Asia pointed to a mixed start after the S&P 500 Index posted its biggest loss in more than a month. Chinese markets remain in focus after the yuan surged both onshore and overseas on Tuesday amid speculation of central bank intervention. Oil pared gains after an industry report is said to show an unexpected increase in crude and gasoline inventories.
Futures on Japan’s Nikkei 225 Stock Average were flat, while contracts on Australia’s S&P/ASX 200 index dropped 0.2 percent. Futures on Hong Kong’s Hang Seng Index rose 0.1 percent.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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