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30 May 2022

Asian Stocks Attained 3-week High as Dollar Stumbles

The Index Today

On Monday, Asian stocks reported Wall Street higher while the dollar struggled near five-week lows as investors gambled on an eventual slowdown in U.S. monetary tightening, even after sharp hikes in June and July.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.9% to a three-week high. Japan's Nikkei added 2.2% and South Korea rose 1.2%. Chinese blue chips firmed 0.7%.

Investors have taken on hints the Federal Reserve, once it has increased aggressively over the next upcoming two months, might then it will slow down monetary tightening.

The dollar index stood at 101.50, after shedding 1.3% last week to hit a five-week low at 101.43. The dollar was softer on the yen at 126.98, but still has solid support around 126.37.

The pullback in the dollar helped gold off its recent lows and the metal was trading at $1,862 an ounce. [GOL/]

©Photo: South Korea Financial Markets
(Copyright 2021 The Associated Press. All rights reserved.)

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