Asian stocks reached a two-month high on Thursday as the U.S. Federal Reserve decided against raising interest rates for the first time in 17 months. While the decision left the door open for future rate hikes, it also prompted a surge in short-term U.S. yields, ruling out any possibilities of rate cuts in 2023. The euro made gains, reaching a one-month peak after the announcement, but attention now turns to the European Central Bank meeting later in the day. Meanwhile, China’s economic recovery fell short of expectations, leading to speculation of additional stimulus from Beijing. In Australia, strong jobs data provided some support for the Aussie dollar, while the New Zealand dollar suffered after the economy entered a recession this year. The market awaits the ECB meeting and the Bank of Japan meeting, with slight movements in oil and gold prices, and a drop in the value of Bitcoin. Subscribe to INQUIRER PLUS for the latest news and analysis.
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