Asian shares jump on tech boost; fragile yen on intervention watch
SINGAPORE -Asian stocks rose sharply on Wednesday led by tech stocks as investors' focus shifts to earnings from U.S. tech bellwethers this week, while the yen remained mired near 34-year lows, keeping traders wary of intervention from Japanese authorities.) following its promise of new models, and upbeat earnings from some U.S.
Beyond corporate earnings, traders are also focused on U.S. gross domestic product figures and the March personal consumption expenditure data - the Fed's preferred inflation gauge - due later this week to gauge the path of U.S. rates. "The surprisingly soft PMI numbers suggest the US economy will lose some momentum in the second quarter," said Tony Sycamore, a market strategist at IG.The Australian dollar rose 0.45% to $0.6518, boosted by hotter-than-expected consumer price data that led the markets to price out any expectations of rate cuts this year. The Japanese yen was last at 154.845 per dollar, just shy of the 34-year low of 154.
Japanese Finance Minister Shunichi Suzuki issued on Tuesday the strongest warning to date on the chances of intervention, saying last week's meeting with U.S. and South Korean counterparts had laid the groundwork for Tokyo to act against excessive yen moves.
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