Overnight

It's 20-60, that's what futures market is betting a rate hike will come either this month or in July as investors pushed Asian shares higher overnight awaiting news about U.S. job and wage warning numbers.

The Nikkei gained 0.2% cutting losses for the week to 1.5%,given the controversy over Abernomics and whether it's really working coupled with a postponed sales tax hike. The Shanghai Composite edged lower 0.2%  with it's expected to finish the week up 3.5%, the Hang Seng index rose a modest 0.3%, also expected to close out the week positive 1.7% and MSCI's broadest Asian-Pacific index outside Japan gained 0.4%. 

In other news, the WSJ reports that trade differences between the U.S. and China continue to flare as the yuan hits a five year low against the dollar.

The U.S. and China, facing mounting political pressures at home, are seeing economic tensions flare to their worst point in years over currency and trade practices.

China has pushed the yuan to a five-year low against the dollar, reviving charges from American firms of currency manipulation to gain a competitive advantage for Chinese goods. The Obama administration has fired off a series of trade complaints and levied duties on several Chinese industries, from chicken feet to cold-rolled steel used in appliances and auto parts.