Asia stocks fell for a second day in a row on Friday, and were headed for their worst week in two months, after a slew of central banks raised interests rates and warned there were more hikes to come next year.
Ten-year Treasuries rallied a little bit, with the yield falling five basis points, before steadying in Asia at 2.4736%. Larger moves were in currencies, where the dollar arrested its recent slide with its sharpest jump in two months.
The dollar index rose 0.9%. The dollar jumped 1.7% and through its 200-day moving average on the yen, where it was last broadly steady at 137.37 yen . The Aussie dollar had it worst session in two years and dropped 2.4%. "This time it wasn't U.S. bond yields driving the move, instead it was just a feeling that if Fed policy remains tighter for longer ... it could be tough going for risk assets," strategists at ANZ bank said in a market note.
"The Fed may not be hiking as fast, but it still has the highest policy rate in the G10 and will be one of the few central banks to take policy past 5%." Gold fell against the rising dollar, dropping 1.7% to sit at $1,777 an ounce in Asia. Oil gave back some recent gains with Brent crude futures down 1.8% overnight and steady on Friday at $81.33 a barrel.
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