Asian Markets Down on Greek and US Rate Concerns

Asian shares were down on Tuesday as investors continued to worry about a Greek debt default and the timing of a US interest rate rise.

Fears of a Greek debt default continued to weigh on markets as the country’s bailout programme is due to expire at the end of June with no deal in place.

Meanwhile, expectations are growing of a US interest rate hike in September after an upbeat jobs report last week.
Japan’s benchmark Nikkei 225 closed down 1.8% at 20,096.30 on a firmer yen.

The US dollar was lower after media reports that US President Barack Obama had told the G7 summit in Germany that the strong dollar “posed a problem”.

The dollar was at 124.54 yen, well below the 125.52 yen mark in Tokyo on Monday.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza