Powell’s Press Conference Weighs On Asia

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Powell’s “higher for longer” press conference indicating one more rate hike in 2023 pounded Asian equities overnight, sending the US dollar higher.

The Asia Dollar Index is close to both its 1-year and all-time low over the last 17 years as the US 10-year Treasury yield closes in on 4.45%, which was last seen back in November 2007. Mainland China and Hong Kong were both off on light volumes as declining stocks outpaced advancing stocks significantly. Mainland investors bought the dip in Hong Kong again to the tune of $414 million worth of stocks and ETFs.