Markets were cautious on Monday ahead of central bank meetings in both the US and Japan later this week.

Another rate decision is expected by the Federal Reserve on Wednesday, sparking intense interest from investors. The Bank of Japan is widely expected to push the Japanese interest rate further into negative territory, with both expected decisions causing hesitance in the markets.

Both emerging market stocks and currencies have fallen, after a retreat in oil prices. The yuan weakened for a fourth day in Shanghai, while South Korea’s won had its biggest two-day drop since February. Against the euro, the dollar fell to $1.1256, at the weaker end of a 10-cent range it has held for a year. However, the pound has gained strength against the euro for the first time in six weeks, after opinion turns towards staying in the EU at the referendum in June.

25/04/2016