Asia stocks rise, dollar sags as Fed chair sets stage for rate cut
Updated : July 11, 2019 08:24:16 IST
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, while Japan's Nikkei added 0.15 percent. South Korea's KOSPI climbed 0.7 percent. Australian stocks were steady.
In an appearance before his congressional overseers on Wednesday, Powell confirmed that the US economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war.
The dollar index against a basket of six major currencies stood at 97.055 after falling 0.4 percent overnight, when it pulled back from a three-week peak of 97.588 in the wake of Powell's comments.