The dollar was on the cusp on Thursday of its highest in two decades after the Bank of Japan doubled down on its ultra loose monetary policy, while technology stocks gained on strong earnings, led by a rally in Facebook parent Meta Platforms.
rose 1.5%, its best day in two weeks, as investors cheered the weaker currency that helps Japanese exporters. Japanese government bonds had their best rally in a month.
U.S. government bonds were steady with the yield on the 10-year little changed at 2.8282%, ahead of U.S. growth data. The 10-year yield hit its highest level since 2018 last week. An advance reading of first quarter U.S. GDP is expected to show an annualised 1.1% growth rate, down sharply from 6.9% in the 2021 fourth quarter. That would be the slowest since the recession triggered by the COVID-19 pandemic.Set against that backdrop is investors' conviction that U.S. rates are rising and that next week's Federal Reserve meeting will bring the first of several consecutive 50-basis-point hikes.
Oil prices edged lower on caution about dwindling fuel demand in China caused by COVID-19 restrictions, with Brent crude futures down 0.5% and U.S. crude lower by 0.4%. Spot gold prices hit their lowest level in two months and were last down 0.2% as the rally in the dollar weighed on the precious metal.Reporting by Tom Wilson, Samuel Indyk and Saikat Chatterjee in London and Tom Westbrook in Singapore; Editing by Shri Navaratnam, Kim Coghill and Tomasz Janowski
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