Global stocks pull further away from record highs
Equities slip as investors unwind positions on the growing expectation that the US Federal Reserve will raise interest rates in March
London — The dollar retreated on Friday after two days of gains while world stocks pulled further back from record highs as investors unwound positions on the growing expectation that the US Federal Reserve will raise interest rates later in March. Fed officials have lined up to sing the need for higher rates soon, sending the implied probability of a move in March surging to 74%, from just 30% at the start of the week. Fed chair Janet Yellen and vice-chair Stanley Fischer are both due to speak later on Friday and are expected to stick to the same tune. The dollar index, which measures the greenback’s strength against a basket of six major currencies, was poised for its fourth consecutive weekly gain, although it was about 0.1% lower on Friday. "The US dollar has been snapped up across the board as a March Fed hike is heavily priced in," said Sean Callow, a senior currency strategist at Westpac. "All it took was about 100 comments from Fed officials, but markets have finally decided...
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