Asian markets hit a three-year high on Friday as USD dropped to multi-year lows
The post Asian markets hit a three-year high on Friday as USD dropped to multi-year lows appeared on BitcoinEthereumNews.com. Asian shares climbed on Friday to their highest level in more than three years, following strong gains on Wall Street. At the same time, the dollar weakened amid doubts over the Federal Reserve’s independence and rising expectations for early rate cuts. Global stock markets looked set to finish the week with gains, as worries about unrest in the Middle East and disputes over tariffs and trade deals eased for now. MSCI’s index of Asia-Pacific shares outside Japan reached its strongest point since November 2021 as reported by the Reuters. It later closed 0.2% higher and was on track for a 3% gain over the week. Japan’s Nikkei jumped 1.5%, briefly topping 40,000 for the first time since January. European futures pointed higher, with contracts on the EUROSTOXX 50 and Germany’s DAX both up 0.6%, and the FTSE up 0.16%. In the US, stock futures were little changed after Wall Street closed near record highs on Thursday, buoyed by growing bets on Fed rate cuts. Market focus shifted to a Wall Street Journal report that President Donald Trump might name a replacement for Fed Chair Jerome Powell by September or October. Traders fear such a move could undermine the Fed’s credibility. Dollar set for largest first-half drop since early 1970s The dollar fell to a three-and-a-half-year low on Friday and was headed for a 1.4% weekly drop, its biggest in over a month. Year to date, it has lost more than 10%. If this holds through the end of the week, it would mark its biggest first-half fall since free-floating exchange rates began in the early 1970s. Early on Friday, the euro traded at $1.1693 after touching $1.1745—the highest since September 2021. Sterling fetched $1.3733, just below its October 2021 peak of $1.37701. The dollar index stood at 97.378, near its…
The post Asian markets hit a three-year high on Friday as USD dropped to multi-year lows appeared on BitcoinEthereumNews.com.
Asian shares climbed on Friday to their highest level in more than three years, following strong gains on Wall Street. At the same time, the dollar weakened amid doubts over the Federal Reserve’s independence and rising expectations for early rate cuts. Global stock markets looked set to finish the week with gains, as worries about unrest in the Middle East and disputes over tariffs and trade deals eased for now. MSCI’s index of Asia-Pacific shares outside Japan reached its strongest point since November 2021 as reported by the Reuters. It later closed 0.2% higher and was on track for a 3% gain over the week. Japan’s Nikkei jumped 1.5%, briefly topping 40,000 for the first time since January. European futures pointed higher, with contracts on the EUROSTOXX 50 and Germany’s DAX both up 0.6%, and the FTSE up 0.16%. In the US, stock futures were little changed after Wall Street closed near record highs on Thursday, buoyed by growing bets on Fed rate cuts. Market focus shifted to a Wall Street Journal report that President Donald Trump might name a replacement for Fed Chair Jerome Powell by September or October. Traders fear such a move could undermine the Fed’s credibility. Dollar set for largest first-half drop since early 1970s The dollar fell to a three-and-a-half-year low on Friday and was headed for a 1.4% weekly drop, its biggest in over a month. Year to date, it has lost more than 10%. If this holds through the end of the week, it would mark its biggest first-half fall since free-floating exchange rates began in the early 1970s. Early on Friday, the euro traded at $1.1693 after touching $1.1745—the highest since September 2021. Sterling fetched $1.3733, just below its October 2021 peak of $1.37701. The dollar index stood at 97.378, near its…
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