Asian shares edge up, dollar steadies after drop
Asian shares rose on Tuesday, while the dollar languished after investors locked in some gains on its recent rally.
“European equities are set to edge lower tracking modest declines in the US overnight. The small negative start belies the huge amount of uncertainty in the markets at the moment,” Capital Spreads dealer Jonathan Sudaria said in a note.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up about 0.3 percent in late afternoon trade, after wobbling between positive and negative territory as it took its cues from a choppy, losing session on Wall Street overnight.
Japanese stocks turned positive after Kuroda told a parliament committee meeting in the morning that a weak yen, as a whole, has a positive effect on Japan’s economy if the currency’s move reflects economic and market fundamentals.
The dollar gave up about 0.2 percent to 108.62 yen JPY=, moving away from a six-year peak of 110.09 yen marked last week.
The euro fell 0.2 percent on the day to $1.2624 EUR=, heading back in the direction of a more than two-year low of $1.2501 set on Friday, after the U.S. non-farm payrolls report fueled speculation that the Federal Reserve will hike interest rates by mid-2015.
Source: Reuters- Asian shares edge up, dollar steadies after drop
