Asian Market Update : Epic Research Malaysia

Asian markets rallied and the dollar extended losses Wednesday after Federal Reserve boss Janet Yellen struck a cautious tone on the global economy that dampened the chances of an interest rate hike any time soon.

A better-than-expected reading on US growth and other improved data recently had raised hopes that the global turmoil at the start of the year may have passed and fuelled talk that the central bank might consider a further tightening of borrowing costs.

However, while Ms Yellen pointed out that the world's top economy had "proven remarkably resilient" in the face of a global slowdown - particularly China - and plunging oil prices, she took a dovish stance on monetary policy this year.

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