Category: Forex News
Hang Seng Index, Nikkei 225, ASX 200: Futures Flash Green on Rate Cut Bets
More significantly, Fed Chair Powell raised hope of an H1 2024 Fed rate cut during testimony on Capitol Hill. The US equity markets responded to the labor market data and testimony.
On Wednesday, the Dow gained 0.20%. The Nasdaq Composite Index and S&P 500 ended the session up 0.58% and 0.51%, respectively.
The Asian economic calendar also influenced the Thursday Asian equity market session. Better-than-expected trade data from Australia and China delivered gains for the ASX 200. However, wage data from Japan and BoJ chatter fueled demand for the Yen, pressuring the Nikkei.
A lack of fiscal stimulus measures from the National People’s Congress left the Hang Seng Index on the back foot.
US Labor Market Data, the Fed, and Japan Household Spending
On Friday, overnight US economic indicators from Thursday and Fed Chair Powell will set the tone for the session. US jobless claims remained at 217k in the week ending March 2. Nonetheless, recent labor market stats have raised bets on an H1 2024 Fed rate cut before the US Jobs Report (Fri).
On the second day of testimony, Fed Chair Powell stuck to the Wednesday script, highlighting likely rate cuts later in the year.
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