Markets Pause ahead of Key Fed Speakers

Japan’s benchmark Nikkei 225 index gained 0.11 percent, or 21.15 points, to 19,585.95 in early trading, while the Topix index of all first-section shares was up 0.01 percent, or 0.23 points, at 1,564.92.

“In the absence of any policy clarity from the US administration, the FOMC will continue to be the dominant dollar driver,” Stephen Innes, a senior trader at OANDA, said, referring to the Federal Reserve’s rate-setting Federal Open Market Committee.

“The market is left pondering if the hawkish lean from the voting dove members is a signal that the Fed will accelerate the pace of tightening after March, which could add to further dollar strength over the near term,” he said in a commentary.

Though US stocks have risen dramatically on optimism over Trump’s plans for massive infrastructure spending and tax cuts some investors have expressed concern about a lack of detail in the plans.

Weakness in energy and financial shares pushed Wall Street lower on Thursday.

YAHOO Finance via AFP

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Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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