Asian Markets Up On Jump In Oil Prices
A slide in the US dollar as investors pushed back rate rise expectations and a sharp jump in oil prices set Asian markets up for a mixed day of trading. The dollar nursed hefty losses against the yen and euro on Thursday after tumbling overnight when a top Federal Reserve official tempered expectations on the pace of future U.S. interest rate increases. The market focus will now shift to U.S. factory orders data, and comments by Cleveland Fed President Loretta Mester and Boston Fed President Eric Rosengren later in the session. Oil prices continued their upward trend from overnight during Asian hours with U.S. crude futures rising 1.21 percent to $32.67 a barrel, following an 8 percent increase during U.S. hours. Global benchmark Brent was up 1.06 percent at $35.41 a barrel after gaining 7.1 percent overnight. But oversupply remains and with no signs of imminent production cuts from OPEC, Weston said volatility in crude could easily see prices gaining or declining.