Fed chair Jerome Powell is scheduled to speak around midday on Tuesday
The steepest market sell-off of the year so far looked to be fizzling out on Tuesday, as traders waited to see if the head of the Federal Reserve and a number of top ECB and BoE officials give any new insights later on whereThe Australian dollar had already bolted upwards after its central bank signalled it would keep hiking while the yen went galloping higher after some unusually strong Japanese wage data.
Then comes Federal Reserve Chairman Jerome Powell at the Economic Club of Washington during U.S. trading plus U.S. President Joe Biden’s State of the Union address. MSCI’s broadest index of Asia-Pacific shares outside Japan ended up 0.2% although Australia’s S&P/ASX200 ended down nearly 0.5% after the RBA delivered its ninth consecutive hike and signalled more. Australia’s cash rate now stands at 3.35%, the highest in a decade.
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