{"id":109730,"date":"2021-03-17T00:37:10","date_gmt":"2021-03-17T00:37:10","guid":{"rendered":"https:\/\/fin2me.com\/?p=109730"},"modified":"2021-03-17T00:37:10","modified_gmt":"2021-03-17T00:37:10","slug":"asia-pacific-markets-set-to-trade-cautiously-as-fed-takes-center-stage","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/asia-pacific-markets-set-to-trade-cautiously-as-fed-takes-center-stage\/","title":{"rendered":"Asia-Pacific markets set to trade cautiously as Fed takes center-stage"},"content":{"rendered":"<ul>\n<li>Asia-Pacific markets were set to trade lower on Wednesday as investors wait for the outcome of the U.S. Federal Reserve&#x27;s two-day policy meeting later in the day.<\/li>\n<li>Australian shares inched lower as the benchmark ASX 200 slipped 0.39% in early trade.<\/li>\n<li>Carol Kong from the Commonwealth Bank of Australia said that both U.S. bond yields and the dollar could jump if the Fed&#x27;s post-meeting statement and Chair Jerome Powell&#x27;s remarks are not deemed dovish enough.<\/li>\n<\/ul>\n<p>SINGAPORE \u2014\u00a0Asia-Pacific markets were set to trade lower on Wednesday as investors wait for the outcome of the U.S. Federal Reserve&#x27;s two-day policy meeting later in the day.<\/p>\n<p>Australia shares inched lower, with the ASX 200 down 0.39% in early trade as most sectors fell. The energy and materials subindexes declined 0.92% and 1.12%, respectively as oil and mining stocks struggled for gains. Major miners Rio Tinto and BHP were down 1.4% and 1.13%.<\/p>\n<p>Nikkei futures pointed to opening losses in the Japanese market at the top of the hour.<\/p>\n<p>That follows an overnight session where the Dow Jones Industrial Average lost nearly 130 points, breaking a seven-day winning streak.<\/p>\n<p>The Federal Open Market Committee&#x27;s policy meeting will take center stage, according to Carol Kong, a strategist at the Commonwealth Bank of Australia.<\/p>\n<p>She explained in a morning note that both U.S. bond yields and the dollar could jump if the Fed&#x27;s post-meeting statement and Chair Jerome Powell&#x27;s remarks are not deemed dovish enough. &quot;We do not expect the FOMC\u00a0to be worried about or even note the lift in bond yields in their post\u2011meeting statement.\u00a0Higher bond yields are not a constraint on the US economic recovery,&quot; she wrote.<\/p>\n<p>&quot;We expect Chair Powell to note the FOMC has the tools to intervene if the bond market becomes disorderly or constrains the economic recovery,&quot; Kong said, adding that the Australian bank also expects the Fed to upgrade its GDP and inflation forecasts due to vaccination rollout and fiscal stimulus.<\/p>\n<table><\/table>\n<h2>Currencies and oil<\/h2>\n<p>In the currency market, the U.S dollar last traded at 91.865 against a basket of its peers. The index has stayed relatively rangebound this week as it attempts to break the 92.00 level again.<\/p>\n<p>The Japanese yen changed hands at 109.03 per dollar, strengthening from levels near 109.20 reached in previous sessions. The Australian dollar traded flat at $0.7745.<\/p>\n<p>Oil prices rose on Wednesday during Asian trading hours. U.S. crude was up 0.22% at $64.94.<\/p>\n<p>Overnight, prices fell as traders worried about the recovery in fuel demand after major European countries suspended the use of a crucial Covid-19 vaccine from Oxford University and drugmaker AstraZeneca.<\/p>\n<p>Experts have warned that the suspension could have far-reaching consequences.<\/p>\n<p>&quot;Crude oil fell as the market frets over the uneven global recovery in demand,&quot; analysts at ANZ Research said in a morning note. &quot;Growing demand has surfaced in India and the US in recent months, but Europe remains weak.&quot;<\/p>\n<p>&quot;Concerns that demand could fall further have been rising as Europe&#x27;s health ministers suspend the rollout of AstraZeneca vaccine amid health concerns,&quot; the analysts added.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/03\/17\/asia-markets-fed-decision-dollar-moves-oil-demand-worries.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asia-Pacific markets were set to trade lower on Wednesday as investors wait for the outcome of the U.S. Federal Reserve&#x27;s two-day policy meeting later in [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":109729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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