Asia shares set for weekly gain on rate-cut rally
SINGAPORE - Asian stocks are set to snap a two-week losing streak on Friday after major central banks kick-started their rate easing cycle this week, adding to expectations the U.S. Federal Reserve could soon follow suit.
"You've got two of the G7 cutting rates ... it certainly opens the door further to the Fed," said Tony Sycamore, a market analyst at IG."We're not in the home straight, but we've certainly rounded the corner. "If we did get a little softer data tonight ... We could see 10-year Treasury yields pushing down towards the 4% level," said Rob Carnell, ING's regional head of research for Asia-Pacific.
The euro rose 0.05% to $1.0895, extending its slight gain from the previous session as the ECB raised its inflation forecasts and kept investors in the dark over how soon subsequent rate cuts could come.
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