Illstarred census cautious thumbsup1/28/2024 ![]() ![]() The focus in Europe remained on the strong euro as it sat just off a six-week high versus the dollar at $1.3762 and a five-year high versus the yen hit on Tuesday. In the FX market, the dollar (.DXY) was broadly firmer in reaction to the budget deal in Washington, though it struggled against the yen as a drop in the Nikkei in Tokyo drove up the Japanese currency. But European stocks (.FTEU3) were holding their own ahead of what was expected to be another quiet day on Wall Street.(.N)Įuro zone countries edged closer to agreeing a long-awaited plan to close ailing banks and at least partly sharing the costs involved. Most Asian share markets had lurched lower overnight as investors booked profits on a range of once-crowded positions. A recent run of strong data and talk from policymakers have bolstered expectations the process will start soon. The to-and-fro over when the Fed will begin to halt the flow of cheap dollars has dominated trading worldwide for months. ![]() "The only question remaining is as to whether they will avail themselves of it." "It certainly does appear that a window of opportunity could be opening up for the Fed to act next week without a sharp market reaction, said CMC Markets strategist Michael Hewson. Federal Reserve will soon start scaling back its $85 billion-a-month stimulus program. It removed a key uncertainty hanging over markets, and it heightened expectations that the U.S. budget negotiators had reached a two-year agreement was not enough to overcome the year-end blues in Asia, but it was more warmly received in Europe, where shares inched higher and the dollar began to firm.įor many investors, the deal carried dual significance. government shutting down again in the coming months. LONDON (Reuters) - Financial markets gave a cautious thumbs-up on Wednesday to a provisional budget deal that should end the threat of the U.S.
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