Asian stocks were mostly higher early Thursday following a positive lead from Wall Street. However, trading is likely to be subdued as investors remain on the sidelines before Chinese economic data and a gathering of central bankers in Jackson Hole.
U.S. stocks ended mostly higher on Wednesday, with the S&P 500 within reach of a record high after minutes from the Federal Reserve's last policy meeting showed that some Fed officials want a "relatively prompt" rate hike based on the economy's progress.
"What has accelerated more than anything is the debate. With Yellen in particular, and the Fed in general, the general bias is leaving in place stimulus for as long as they can," said Bruce McCain, chief investment strategist at Key Private Bank.
Recommended Content
Editors’ Picks
EUR/USD retreats to 1.0750 area as USD recovers
EUR/USD stays under modest bearish pressure and trades slightly below 1.0750 in the European session on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD drops below 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold stays near $2,310 as US yields edge higher
Following a quiet Asian session, Gold retreated slightly to the $2,310 area. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.