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Hong Kong - The US dollar advanced, weighing on commodities, and Singapore’s currency dropped as the city state unexpectedly loosened monetary policy.
European stocks bucked a five-day rally in global equities.
The greenback strengthened against most of its major peers. Base metals retreated, crude fell to about $41 a barrel. Singapore’s dollar slid the most in five months after the local monetary authority said it will no longer seek appreciation.
South Korea’s won weakened following parliamentary elections. The Stoxx Europe 600 Index slipped from a one-month high, while the MSCI Asia Pacific Index erased its loss for the year, with financial shares driving gains after JPMorgan earnings beat estimates.
A resurgent dollar extended gains before data forecast to show a pickup in inflation, which would augment evidence that US economic growth remains intact and strengthen the case for higher interest rates this year.
The better-than-expected earnings from bellwether JPMorgan added fuel to a global equities rally that’s been led by Chinese data this week showing signs of an improvement in the world’s second-biggest economy.
Speculation oil prices will soon find some support is also helping, as major producers prepare to meet in Doha April 17 to discuss an output freeze. Monetary authorities across much of Asia and Europe have loosened policy this year in a bid to boost growth.
The euro area will release consumer-price figures Thursday. The Bank of England is forecast to leave its benchmark interest rate unchanged at a review before finance ministers and central bankers from the Group of 20 nations meet for talks in Washington. Bank of America and Well Fargo & Co. are due to report earnings.
The Bloomberg Dollar Spot Index rose 0.2% at 10:14.
