Dollar Slips, Asian Stocks Boosted As Fed Holds Rates
Mohammad Ali (@ChaudhryMAli88) Published September 22, 2016 | 02:00 PM
HONG KONG, (UrduPoint / Pakistan Point News - 22nd Sep, 2016 ) - The Dollar came under fresh pressure in Asia on Thursday after the Federal Reserve decided against lifting interest rates but the prospect of cheap cash for longer sparked another rally in regional equity markets.
At the end of one of its most anticipated meetings for some time, the central bank's policymakers said the economy continued to improve and the argument for a rise was strengthening but more evidence of sustained progress was needed.
However, while they lowered their growth forecast for this year, the policy committee said the rebound would continue through the second half, and suggested borrowing costs could rise before the end of the year.
The decision to stick to the easy money policy for the time being came hours after the Bank of Japan overhauled its own stimulus programme to target inflation and held off cutting interest rates further into negative territory.
Wednesday's announcements helped soothe recent investor concerns that the age of cheap cash -- which has supported markets for years -- could be coming to an end, fuelling talk of an equity correction.
"With both the BoJ and the US Fed doing nothing to upset the Apple cart, the markets got what they wanted. And after selling off, have now bounced and look good technically," Chris Conway, head of research at Australian Stock Report, said.
Related Topics
Recent Stories
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
More Stories From Business
-
EXCHANGE RATES FOR CURRENCY NOTES
1 hour ago -
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
3 hours ago -
Today Gold Rate in Pakistan 25 April 2024
3 hours ago -
Meta profits soar but costs of AI cause worry
4 hours ago -
Mired in crisis, Boeing reports another loss
13 hours ago
-
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
13 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
13 hours ago -
European stocks lose momentum after global rally
13 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
15 hours ago -
CEO KP-EZDMC meets CRBC officials
15 hours ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
15 hours ago