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Asian equities fluctuate as traders wait for Fed meeting for rate clues
On Tuesday, Asian stocks declined following record maximums on Wall Street, although hobbled by uncertainty because investors waited for a Federal Reserve gathering for anticipated clues on American monetary policy.
MSCI's index slumped 0.1% having wobbled between upbeat and negative territory for much of the trading morning.
On Monday, on Wall Street the Dow Jones Industrial Average concluded at a record maximum for the fifth straight trading session, while the S&P 500 showed its second straight closing record peak because higher American Treasury yields helped to raise financial equities.
At a two-day gathering staring later on Tuesday, the major US bank is believed to take another step toward policy normalization and disclose its plans to start unwinding its $4.2 trillion portfolio of Treasuries as well as mortgage-backed securities.
The Fed is supposed to hold interest rates intact, with market participants looking for further clues on its anticipated tempo of further tightening later in 2017 and next year.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.