World Bulletin / News Desk
The dollar dipped on Thursday in Asia as investors brushed off another record Wall Street close and upbeat US data while the rally in stock markets stuttered.
New York's three main indexes built on their recent surge, racking up a fifth successive day of record closes, after figures showed US inflation hit a four-year high in January, fuelling bets on an interest rate hike soon.
Also, Trump said Wednesday he would release specifics on his new tax plan in the "not-too-distant future", adding it will be "good and simpler".
His remarks came less than a week after he promised "phenomenal" reforms to the tax system, spurring a surge in global markets and the dollar.
“The strong numbers highlight that the US economy is in fairly healthy shape,” Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note.
“The key is the data and president Trump’s recommitment to the release of the tax plan everyone is waiting for,” McKenna said.
Federal Reserve chief Janet Yellen also reiterated her view to Congress that the world's top economy was on a strong growth track, a day after indicating borrowing costs could increase any time soon -- leading to speculation of a move as soon as March.
However, the greenback was unable to push on with its gains and was down against its major peers as well as higher-yielding currencies in the Asia-Pacific such as the Australian dollar and South Korea's won.
In equity trade Tokyo ended 0.5 percent lower as exporters were hit by the stronger yen while Seoul slipped 0.1 percent, Wellington gave up 1.1 percent and Taipei slipped 0.3 percent. Mumbai and Jakarta were also down.
But in late trade Hong Kong was up 0.5 percent in late trade and Shanghai also ended 0.5 percent higher, both reversing morning losses.
Ayako Sera, a Tokyo-based market strategist at Sumitomo Mitsui Trust Bank, told Bloomberg News warned of a possible correction after the past week's performance.
“Can equities sustain this rally from here?” Sera asked. “If the decline today in Japanese shares spill over to European shares and then to New York, things could get serious but we’ll have to see.”
- Key figures around 0700 GMT -
Tokyo - Nikkei 225: DOWN 0.5 percent at 19,347.53 (close)
Hong Kong - Hang Seng: UP 0.5 percent at 24,110.28
Shanghai - Composite: UP 0.5 percent at 3,229.62 (close)
Euro/dollar: UP at $1.0616 from $1.0602
Pound/dollar: UP at $1.2468 from $1.2459
Dollar/yen: DOWN at 113.90 yen from 114.18 yen
Oil - West Texas Intermediate: DOWN three cents at $53.08 per barrel
Oil - Brent North Sea: UP two cents at $55.77
New York - Dow: UP 0.5 percent at 20,611.86 (close)
London - FTSE 100: UP 0.5 percent at 7,302.41 (close)
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.
Turkey's assets abroad go up 2.4 percent at end of February 2018, compared to end of 2017: Turkish Central Bank
BIST 100 decreases 0.12 percent; US dollar/Turkish lira exchange rate stands at 4.1020
Hong Kong and China ended down after fluctuating through the morning on data showing the world's number two economy expanded in January-March at the same rate as the previous three months.
For Turkey, Germany is a very important, indispensable partner: Turkish Energy Minister Albayrak says in Berlin
BIST 100 rises 0.69 percent; US dollar/Turkish lira exchange rate stands at 4.0830
The United States, Britain and France carried out attacks at the weekend on alleged chemical weapons facilities, in response to what they say was a toxic gas attack by the Russia-backed Assad regime a week before.
Excluding interest payments, central government budget balance saw surplus of nearly $500M in first quarter of 2018
London's FTSE 100 index fell 0.1 percent to 7,254.83 points, with UK advertising giant WPP diving four percent after chief executive Martin Sorrell resigned over the weekend.
The US, Britain and France carried out attacks at the weekend on alleged chemical weapons facilities, in response to what they say was a toxic gas attack by the Russia-backed Assad regime a week before.