Asian Markets Rise as Dollar Slips Amid Fed Rate Hike Risks
Asian markets rose on Monday, led by Chinese stocks ahead of key economic data. Investors remained cautious about oil prices after last week's gains amid the ongoing Gulf conflict.
The US dollar slipped towards two-month lows as markets pared bets for an imminent Federal Reserve rate hike. The CME Group's FedWatch tool showed a 30% chance of a rate hike next month, down from 50% a week earlier.
China's blue-chip stocks rose 0.8%, and the Hang Seng index gained 1.6%. Forecasts suggest a slowdown in industrial output growth to 4.8% from 5.3%, but investors may be bracing for an upside surprise given exports boomed last month.
Shane Oliver, chief economist at AMP, said oil prices will likely stay in the $70-$100 range due to Iran's restrictions and the US efforts to calm the situation.