Asian Saving: re Asian Markets Recover from 1-Month Low, Eye Fed

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Asian Markets Recover from 1-Month Low, Eye Fed
CNBC.com
| 24 Jun 2009 | 12:18 AM ET

Asian stocks inched higher Wednesday from a one-month low hit the previous day while the U.S. dollar drifted, with investors bracing for a Federal Reserve decision and any signs the central bank is worried about the jump in U.S. bond yields.

The Fed is widely expected to keep interest rates on hold at a record low and keep its planned debt purchases unchanged, so the focus is on whether the central bank tweaks its statement to rein in a slide in U.S. Treasuries that threatens the economy's budding recovery.

The dollar found its footing after a sharp slide the previous day, the latest volatile move across markets in the waning days of the second quarter. The greenback edged up against the yen and was little changed versus the euro . Crude oil surrendered some of the gains in Asia, slipping below $69 a barrel.

The market shrugged off Japanese data showing exports tumbled 40.9 percent in May from a year earlier, underscoring that any recovery in global trade is going to be a long one.