Overnight

What some are calling an upbeat speech Monday by Fed Chair Janet Yellen these people propose spilled over into Asian markets Tuesday, sending the dollar south and no doubt upsetting some Japanese officials. The interpretation: interest rate hikes are still on the table.

After nearly a decade now of artificially low interest rates one has to wonder if we needed another boring speech to conclude that? But such that it is, equity markets took the news as good with the MSCI's Asian-Pacific shares up 0.5%, pushing its gains for the week to 6%.

The Hang Seng rose 1%. The Nikkei 225 was mixed early and then moved a bit higher on the back of a weaker yen, the Jorean Kospi edged higher nearly 1% at 0.94%, the ASX 200 was up 0.23%. In China the Shanghai Composite was off 0.3% and the Shenzhen Composite dropped 0.54% So it appears more of the waiting game is in store, not the least of which what central bankers everywhere are taking toward upcoming Brexit.

Here's report about currencies from CNBC:  

In the currency market, the dollar retraced some of its weakness against a basket of currencies. The dollar index had slipped under 94 from levels above 95 on Friday, after the U.S. nonfarm payrolls report for May came in much weaker than expected, spurring analysts to dial back expectations on whether the U.S. Federal Reserve would increase interest rates. The dollar index rose to 94.039 by 10:02 a.m. HK/SIN. "The collapse in the dollar has seen commodity prices surge ...all of this points to building global inflation," said Angus Nicholson, a market analyst at spread bettor IG. Commodity prices are usually denominated in dollars. "The Fed has been at pains to emphasize their concerns over a blowout in inflation, if rates are left too low for too long, and this validates why they may still hike rates even when the economy still looks quite weak," he added.