• The dollar inched lower against a basket of major rivals on Wednesday, showing scant reaction to U.S. President Donald Trump’s State of the Union address.
Trump called on the U.S. Congress to pass legislation to ensure at least $1.5 trillion in new infrastructure spending.
He also urged lawmakers to work toward bipartisan compromises, but pushed a hard line on immigration.
The dollar index, which measures the greenback against a basket of six major currencies, was last down 0.1 percent on the day at 89.062, staying above a three-year low around 88.43 set last week.
The euro edged up 0.2 percent to $1.2423.
• China is drawing up plans for tougher curbs on smog during the two years to 2020, an environment ministry official said on Wednesday, after a five-year crackdown on pollution helped it attain air quality targets last month.
• South Korea’s finance minister said on Thursday said the government has no plans to shut down cryptocurrency trading, affirming market speculation that authorities won’t go as far as China, which has blocked virtual coin platforms.
• Growth in China’s manufacturing sector slowed more than expected in January to an 8-month low in the face of a cooling property market and tighter pollution rules that have curtailed factory output.
The official Purchasing Managers’ Index (PMI) released on Wednesday edged lower to 51.3 in January, compared with 51.6 in December. But it remained comfortably above the 50-point mark that separates growth from contraction on a monthly basis.
• The Federal Reserve is expected to leave interest rates unchanged on Wednesday while signaling a gradual tightening of monetary policy later this year as the U.S. economy continues to expand and job gains remain solid.
Investors will focus on the U.S. central bank’s gauge of inflation, which remains stubbornly below its 2 percent target, the risks it sees to its economic outlook, and any assessment of the impact of the Trump administration’s tax overhaul on growth.
The Fed is due to release a statement at the end of its latest two-day policy meeting at 2 p.m. EST. The policy meeting is Fed Chair Janet Yellen’s last as head of the central bank.
The economy has added about 10 million jobs and unemployment has fallen to a 17-year low of 4.1 percent during Yellen’s four-year tenure while interest rates have slowly risen from the near-zero levels put in place to fight the 2007-2009 recession.• Oil prices fell for a third day on Wednesday after data from an industry body showed U.S. crude stocks rose more than expected last week, while a selloff in other commodities, stocks and bonds added to investors’ bearish mood.
Brent crude, the global benchmark, was down 22 cents, or about 0.3 percent, at $68.80 a barrel by 0735 GMT, after falling earlier to a nearly two-week low.
U.S. West Texas Intermediate (WTI) futures were down 31 cents, or 0.5 percent, at $64.19, after falling to their weakest level in more than a week.
Reference: Reuters,CNBC
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