(Reuters) -- Asian shares edged lower Friday, hurt by disappointment that Federal Reserve Chairman Ben Bernanke gave no clues on another U.S. easing, outweighing any positive effect from China rate cuts.
Indeed, the central bank's cut, the first since the global financial crisis in late 2008, has also raised concerns about a deluge of May Chinese data due this weekend.
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> fell 0.2 percent, after rising 1.7 percent to a one-week high and posting its biggest one-day gain since mid-January in the previous session.
Japan's Nikkei average <.N225> fell 1.2 percent.
China surprised markets Thursday by reducing the official one-year borrowing rate by 25 basis points to 6.31 percent and the one-year deposit rate by the same amount to 3.25 percent, in a bid to combat faltering growth.
The rate cuts initially pushed up global stocks, with European and some U.S. indices gaining on Thursday.
But the positive sentiment was tempered after Bernanke gave no clues about whether the Fed will give further stimulus for the U.S. economy when it meets June 19-20, with disappointment particularly evident in the oil and gold markets.
The dollar firmed against major currencies, inching up 0.4 percent <.DXY>, while the euro eased 0.1 percent to $1.2558 (0.809 pence), moving further away from a two-week high of $1.2626 hit on Thursday.
Some analysts said the U.S. currency is likely remain strong on euro weakness even if prospects of further monetary accommodation by the Fed increase.
"We believe that the closing of short USD positions by the private sector, driven either by a rise in risk aversion or by a shift in investment sentiment in favour of U.S. assets, will push the USD higher," said Morgan Stanley in its research note.
"With the USD remaining supported and global easing unlikely to provide sustained support to high-beta currencies, we expect the EUR/USD bearish trend to remain intact," it said.
Dimmed hopes for U.S. stimulus sent U.S. crude futures down more than $1 in early Asia on Friday to a low of $83.52 a barrel. Brent crude fell $1 to below $99 a barrel.
Spot gold was nearly flat at $1,588.06 an ounce after tumbling nearly 2 percent on Thursday as investors unwound bets on Fed easing expectations.
Spain remained under pressure despite selling 2.1 billion euros of fresh debt on Thursday and yields fell.