Asia ended its 4-day winning streak on the global market last Wednesday as US President Barack Obama has been trying to begin a campaign for limited U.S. strikes on Syria. The U.S. dollar stood tall even even though risk appetite ebbed.
The US Dollar did have its best five-day performance last week as baskets of currencies ended stronger-than-expected for U.S. data emboldened the bulls to be a little riskier. MSCI’s broadest index of Asia-Pacific shares outside of Japan fell just .05 percent after its own four days of gains, but the Phillipines and Indonesia had the most declines in the region.
According to Shinyoung Securities analyst Lee Kyung-Soo, “There are still a lot of uncertainties that have been stirred by the US Federal government and the timing of the stimulus program later this month regarding military action against Syria.”
The U.S. bond moves came despite a United States manufacturing index forecasted the upside and set the tone for last Friday’s non-farm payroll. Ten-year U.S. yields are eight basis points above Friday’s close and nearly 90 basis points higher since Fed Chairman Bernanke said in June that the central bank may scale its monthly bonding purchases, a good sign for the country’s economy.
Last Thursday, policy decisions regarding major central banks, including the Bank of Japan and European Central Bank will take center stage.
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