Asian shares staged a cautious bounce on Wednesday with hopes a global banking crisis would be averted vying with uncertainty over the outlook for U.S. interest rates as the Federal Reserve holds a high-stakes meeting on policy. | Reuters
The still brittle mood was evident in the latest BofA survey of global fund managers which found pessimism near its worst in the past 20 years amid fears of financial risk and a flight from bank stocks.
Analysts at JPMorgan, on the other hand, stand with the majority and flag a rise of 25 basis points in part because postponing a move until May would threaten the Fed’s inflation-fighting credibility. How Fed Chair Jerome Powell navigates all this in his 1830 GMT news conference could well determine the course of markets for the rest of the week.
That jump helped lift the euro to a five-week high of $1.0789 overnight, and it was last holding firm at $1.0770.
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