Spreadex Market Update
Asian stocks drifted lower overnight
Asian stocks drifted lower overnight, falling away from six year highs. Precious metals dropped whilst the US dollar gained versus major peers ahead of the Non-farm payroll figures which will be released a day earlier due Independence Day. US Non-Farm payrolls in the US are projected to increase 215k, slightly lower than the 216k announced in May.
During Federal Reserve Chair Janet Yellen’s speech in Washington yesterday, she signalled that interest rates are the wrong tool to address financial stability risks. The risk of “bubbles” being created in certain asset classes shouldn’t be popped with the use of raising rates. The Fed believes a resilient financial system can withstand these unexpected developments.
Australia’s currency dropped after the country’s central bank governor said it was overvalued. The Aussie’s decline takes its two-day drop to more than 1.2 percent lower. The currency initially dropped yesterday after Australia’s trade deficit came in almost 10 times wider than expected.
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