Saturday, 29 Aug 2020 09:01 AM MYT
The dollar neared lows last seen in May 2018, retreating from Thursday when the Federal Reserve said it will allow inflation to run faster for longer, a stance that will likely lead to a period of prolonged low interest rates. A US Commerce Department report showed a rise in personal income after two straight monthly declines, while monthly inflation pushed higher.
MSCI's benchmark for global equity markets rallied 0.58 per cent to a new closing high. Wall Street also rallied, with the S&P 500 notching its sixth record closing high since confirming a bull market on Aug. 18. “Value has been outperforming growth and you're seeing that reverse today. When growth underperforms for a period of days, it tends to rebound very sharply. We're seeing that in market preferences today.”Stocks extended gains after a top aide to Donald Trump said the US president is willing to sign a US$1.3 trillion coronavirus relief Bill, four weeks after emergency unemployment benefits expired for millions of Americans.
US Treasury auctions of roughly US$150 billion worth of three-year, five-year and seven-year notes received strong demand starting on Tuesday. The decline in yields on each of those instruments yesterday likely reflected traders repositioning, said Subadra Rajappa, head of US rates strategy for Societe Generale.
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