Asian shares braced for China data, Fed speakers

Asian shares braced for China data, Fed speakers FMTNews FMTBusiness

Markets expect China’s medium-term policy rate to remain unchanged despite weak data that raised global slowdown concerns.

In emerging markets, the Turkish lira touched a fresh two-month low of 19.70 to the dollar as the country appeared headed for a runoff presidential election. The Thai Baht was 0.7% stronger after the opposition secured a stunning election win on Sunday. “A big year-on-year improvement shouldn’t surprise given it is measured against a stagnant economy that was in lockdown,” said Chris Weston, head of research at Pepperstone.

Fed Governor Michelle Bowman said on Friday that the US central bank probably will need to raise interest rates further if inflation stays high. The US dollar index was hovering at 102.72 early on Monday against a basket of major currencies, after surging 1.4% last week on global growth concerns, the biggest weekly gain since September.

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