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Asia cautious as everything rides on dovish US Fed chairman

Updated : July 10, 2019 08:18 AM IST

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2 percent, after three sessions of losses. South Korea climbed 0.6 percent, but Japan's Nikkei lagged with a loss of 0.15 percent. E-Mini futures for the S&P 500 added a slim 0.08 percent.
Federal Reserve Chair Jerome Powell testifies before the US Congress on Wednesday and Thursday and investors have a lot riding on him sounding suitably dovish.
Futures are still fully priced for a 25-basis-point cut at the Fed’s July 30-31 meeting but have abandoned wagers on a half-point move. They had implied a 25 percent probability of an aggressive cut before Friday’s upbeat jobs report. 
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