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Stocks and Dollar hold breath for Fed, Oil Bounces

Stocks and Dollar : Asian shares were mixed on Wednesday while the dollar dithered as markets waited anxiously for the Federal Reserve to provide guidance on the risk of U.S. rate hikes this year.

While no move is expected at this meeting it does include updates of Fed members’ economic projections and a news conference with Chair Janet Yellen, events that have caused violent market reactions in the past.

Investors put discretion before valour and nudged MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.1 percent.

Japan’s Nikkei took a knock from a firmer yen and slipped 0.8 percent, while Australia was all but flat.

Oil prices did manage a bounce after data from industry group American Petroleum Institute (API) showed U.S. crude stockpiles rose by less than half what analysts expected.U.S. crude gained 53 cents to $36.87 a barrel, while Brent rose 39 cents to $39.13.There was little movement on Wall Street where the Dowended up 0.13 percent, while the S&P 500 lost 0.18 percent and the Nasdaq dropped 0.45 percent.

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