Overnight

A weaker dollar pushed up gold and crude oil overnight as the New Zealand dollar soared to a one year high as the central bank there held rates unchanged though some were expecting a possible cut. Asian markets moved up in mixed trading.

New Zealand is a commodities based economy and the weaker U.S. dollar helped push some commodities higher. The Korean Kospi gained 0.3% after a rate cute to a record low of 1.25% as slow exports and the absence of inflation take their toll. The Nikkei 225 shed 1% as the yen strengthened .The MSCI Asia-Pacific moved up 0.2%. Meanwhile, markets in  China and Hong Kong were closed for a holiday.

The WSJ reported: Many market participants are also starting to refrain from aggressive betting ahead of significant political events in coming weeks, including the U.K. referendum later this month and Japan’s upper house election in July.

“You’d need to see the main framework before betting. In fact, I suspect trading will be directionless like this until the U.S. presidential election,” said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management Co.

Policy makers at various corners of the globe are under pressure to take steps to support their economies.

It may also be looking to cushion the economy as the government drives a major overhaul of the struggling shipping and shipbuilding industries that could see large job losses