Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes.
ActivTrades market analyst Anderson Alves said month-end flows will likely drive short-term price action as traders rebalance portfolios and market exposure."Any concrete action from China in support of Russia could be seen as a strong rationale for a derisk and deleverage from Asian exposure."
Data on Monday showed U.S. core capital goods orders accelerated in January, beating forecasts, while contracts to buy previously owned U.S. homes rose the most in more than 2-1/2 years in January. Fed futures now reflect rates peaking at around 5.4%, implying at least three more hikes from the current 4.50% to 4.75% band, and some chance of 50 basis points in March.
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