Asian stocks cheer Fed’s historic lift-off

By FXStreet FXStreet (Mumbai) – The Asian indices extended the rally into a second this Thursday, with the traders delighted after the Fed lived up to their promise of a Fed rate rise this year and embarked upon the policy normalization path, which restored investors’ confidence in the world’s biggest economy.

Nikkei leads Asia higher

The Japanese stocks flew through the roof for the second straight session after the US dollar remains strongly bid against its Japanese counterpart, driving USD/JPY 0.27% higher at 122.60 levels. As a result of the persisting yen weakness, exporters and retailers stocks enjoyed solid gains and led the index higher. Meanwhile, the Nikkei bounces 1.87% to 19,403.

Among other Asian indices, the Australia’s S&P/ASX also trades with size-able gains at 5,111 point, up 1.64% on the day, as markets ignored the heavy declines in gold prices following the Fed’s rate hike. While rallying heavily-weighted banking stocks also helped the index push higher.

While the Chinese indices also followed suit and jumped higher, with the benchmark Shanghai Composite (SSEC) rallying 1.50% around 3,570. While Hong Kong’s, the Hang Seng rises 0.97% to 21,911 and China’s A50 index gallops 1.57% to 10,609 points.
For more information, read our latest forex news. …read more

Source:: FX Street