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Asian stocks up as dollar declines
Asian stocks experienced an upward trend led by Chinese indices, amid a decline in the dollar which reached its lowest level in two months. This followed weak American economic data that reinforced expectations that the Federal Reserve will soon halt its monetary policy tightening. The MSCI Asia Pacific Index rose by 0.5%, and the probability of an interest rate hike in the United States dropped to just 30%, influenced by the surprising decline in retail sales and consumer confidence in the US. This had an impact on the currency markets, with the euro reaching its highest level in two months at 1.1588 dollars, and the yields on two-year US Treasury bonds hitting 4.154%. Regarding commodities, oil prices fluctuated amid tensions in the Strait of Hormuz, while gold prices increased by 0.4% to $4,391 an ounce. Markets are now awaiting manufacturing PMI figures and the earnings reports of American retail companies.
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