Asian shares made a tentative start to Thursday after Federal Reserve chair Jerome Powell stuck to his recent hawkish tone as investors assess the future rate policy path from the Fed.
Markets though remain unconvinced, pricing in a 25 basis point hike next month, according to CME FedWatch tool, and no more after that.
Atlanta Federal Reserve President Raphael Bostic said on Wednesday the Fed should not raise rates further or it would risk “needlessly” sapping the strength of the U.S. economy. “Where other central banks’ concern is now slower-than-hoped easing, the UK is still seeing acceleration,” said Taylor Nugent, an economist at National Australia Bank, referring to runaway UK inflation, which held at 8.7 percent in May.
The euro was up 0.06 percent to $1.0991, having touched a one-month high of $1.09925 earlier in the session. The Japanese yen strengthened 0.11 percent to 141.70 per dollar.
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