Asian markets recover as rate hike bets fade

Asian stocks and currencies rose amid a decline in the Federal Reserve's interest rate hike expectations, weakening the dollar and boosting the Japanese yen to levels not seen since October 2024. Market support was provided by Federal Reserve Board member Christopher Waller, who indicated the possibility of keeping interest rates unchanged if inflation continues to decline. Meanwhile, market attention is focused on upcoming jobs and inflation reports, which will be crucial in determining the expected interest rate path in September. The consensus is that rates will remain unchanged if inflation keeps falling, despite rising expectations of a quarter-point hike. Additionally, oil prices increased, and gold prices stabilized amidst geopolitical tensions and fears of disruptions in energy flows, while the U.S. Treasury yield remained steady at 4.34%.

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