Spreadex Market Update
Traders looking for clues on Fed's bond buying stimulus scheme
Despite a surge in Japanese utilities, Asia’s benchmark index swung between gains and losses as investors digest Goldman Sachs $1.1 billion sale of its stake in Industrial and Commercial Bank of China. Additionally, worries are growing over Australian banks after two of Australia’s biggest lenders each slid over 1.2%.
Following last week’s comments from the Federal Reserve regional president, hinting that the Fed will soon start tapering its bond buying stimulus scheme, traders have been frantically searching for further clues as to when this process may begin. With Fed chairman Bernanke set to deliver his latest congressional testimony tomorrow, investors are hoping that he may reveal the timing of any wind-down.
The dollar inched higher versus a basket of currencies this morning but stayed below a three-year high. Against the yen, the dollar edged up 0.2 percent to 102.47 yen but remained below a 4-1/2-year high of 103.32 yen set on Friday. Spot gold fell 0.4 percent to $1,388.09. Gold drifted lower on outflows from exchange-traded funds and as the dollar firmed, putting pressure on bullion which has lost nearly a fifth of its value this year.
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