TOKYO (Reuters) - Asian shares rose modestly on Tuesday, with technology stocks nosing ahead, while the dollar held its ground ahead of a Federal Reserve policy meeting expected to reiterate a pledge to keep rates low for a long time.
WASHINGTON — The U.S. Federal Reserve said on Wednesday the economy continues to recover but is still in need of support, offering no indication that a reduction in the pace of its bond-buying stimulus program is imminent.
For now, the Fed will keep on buying US$85-billion in mortgage and Treasury securities per month in its ongoing effort to bolster an economy still challenged by federal budget-tightening and weak growth overseas.
HONG KONG (Reuters) - The dollar held firm on Tuesday against major currencies, and hit a two-month high against the yen, while Asian shares edged up as technology stocks tracked a rally in their peers on Wall Street.
Boosted by better net exports and greater inventory accumulation, Q2 US GDP was revised higher to 2.5% from 1.7%. This, coupled with a decline in weekly jobless claims, has kept the dollar bid. The data and the seemingly less imminence of strike on Syria have lifted US interest rates.