Asian equities rise after Fed launches unlimited QE overnight
The promise of the Fed backstopping the US economy and Washington said to be closer to a stimulus package agreement is boosting investor hopes in Asian trading today.
The Hang Seng is up by 3.8% while the Shanghai Composite is up by 1.1% on the day, as US futures are keeping over 3% gains for the time being after a bit of a subdued reaction to the events from overnight trading.
But with the dollar easing a little today, it is also helping to give some reprieve to the market in general as risk is faring better to start the session.
This sets up a positive platform for European stocks to build on but the question is, can this stay the course until the end of the day? Things are still far from certain at this stage.
For now, the dollar is keeping weaker across the board with USD/JPY down to 110.32 and EUR/USD sitting just under the 1.0800 handle.
