SINGAPORE - Asian shares made 15-month highs on Tuesday on renewed confidence of U.S. interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen.
" said that he is confident policy is restrictive and that if progress on inflation stalled, the would hold off on cutting, implying a high bar to hiking," said Goldman Sachs economist David Mericle. Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.
The Australian dollar was steady at $0.6637 in morning trade. Swaps market pricing implies a near even chance of a rate hike later this year in Australia. Iron ore futures have rallied on clues that China's Politburo is planning more support measures for the beleaguered property sector. Benchmark June iron ore on the Singapore Exchange has risen almost 25% in a month.
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