by Martin Armstrong
Armstrong Economics
It just felt like most of the day today was waiting around for the FED meeting this evening and I am sure tomorrow we will be saying the same about BREXIT next week! For Asia, the initial concern was that China did not make the MSCI Index. However, all fears were rejected after the first hours of trading as this proved to be the days low and we moved from strength to strength. When you consider BREXIT, Central Bank meetings, and the ongoing global uncertainty, a little slow-down because of the delay in the Index inclusion really didn’t seem that bad! The PBOC fixed the Yuan at 6.600 against the USD which is its lowest level in a few years. The JPY remained bid despite a small bounce (+0.4%) in the Nikkei. At one stage we saw the Yen breach yesterday’s 105.50 level; an indication investors remain concerned and so buy the safe-havens still. In late trading, the selling has returned all core Asian Indices around 0.3% lower following the FED announcement.