Stocks suffer trade jitters, dollar braced for more Fed talk
SYDNEY - Asian shares were haunted by trade anxiety Tuesday while the risk of more dovish talk from the Federal Reserve pushed down Treasury yields and the dollar, propelling gold to fresh six-year peaks.
Trump is slated to meet one-on-one with at least eight world leaders at the G20 summit in Osaka, including China’s President Xi Jinping and Russian President Vladimir Putin. Wall Street had been just as cautious with the Dow ending Monday up 0.03%, while the S&P 500 lost 0.17% and the Nasdaq 0.32%. “By the end of July, we believe the Fed will have seen enough to decide that action to counter downside economic risks and low inflation/inflation expectations is warranted, and so we look for a 25 basis point rate cut at the next FOMC meeting.”
The speed and scale of the latest decline has seen the dollar fall for four sessions in a row against a basket of other currencies to stand at a three-month low of 95.910. The euro has climbed to its highest in three months and was last holding firm at $1.1400, within striking distance of the March top of $1.1448.
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