Thu, 24 Oct 2019

U.S. dollar sold off in Asia as stocks rebound

Lola Evans
11 Jul 2019, 18:09 GMT+10

SYDNEY, Australia - Stocks in Asia rose on Thursday in line with positive moves in Europe and on Wall Street the previous day.

Igniting interest in stocks have been remarks by the Federal Reserve Chairman Jerome Powell who hinted his board is now leaning towards lowering interest rates.

The dollar was sold off on Wednesday on the commentary, and the selling extended into Asia, where the greenback cotninued to take a bath.

At the close of trading Thursday the Nikkei 225 was ahead 110.05 points or 0.51% at 21,643.53.

The Australian All Ordinaries climbed 28.10 points or 0.41% to 6,805.80.

The Shanghai Composite advanced 2.46 points or 0.08% to 2,917.76.

The euro continued higher, to reach 1.1275 around the Sydney close.

The British pound rose to 1.2535.

The Japanese yen strengthened to 108.06, while the Swiss franc firmed to 0.9860.

The Canadian dollar was stronger at 1.3052. The Australian and New Zealand dollars each rose a quarter-of-a-cent to 0.6975 and 0.6668 respectively.

Overnight on Wall Street, the Dow Jones Industrial Averages rose 76.71 points, or 0.29%, to 26,860.20.

The Standard and Poor's 500, which earlier traded above the 3,000 level for the first time in history, finished close to that level, for a gain of 13.43 points, or 0.45%, at 2,993.06.

The Nasdaq Composite climbed 60.80 points, or 0.75%, to 8,202.53.

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