(Bloomberg) —Equity markets in Asia fell as the yen strengthened, with investors opting for a note of caution following a seven-week surge for global stocks. Gold rose and oil extended declines.

Japanese shares dropped while the yen rose to the highest level in more than a month. Stocks in Sydney slumped with the Aussie dollar before a central bank policy decision. The S&P 500 slipped on Monday as U.S. economic data indicated steady if unspectacular growth. Oil extended declines after sliding Monday as traders downplayed concerns that Qatar’s turmoil would hamper supply from the country.

With central bank policy makers in the U.S. and Europe all in quiet periods ahead of key policy decisions, attention this week has shifted to Britain’s election and testimony from former FBI head James Comey on Thursday. The latest readings on America’s economy did little to divert from the view that growth remains intact, with traders now forecasting a more than 90 percent chance of an interest-rate increase next week.

These are some important upcoming events:

Australia’s central bank decides on policy at 2:30 p.m. in Sydney. No change to the record-low cash rate is expected, though traders will be examining the accompanying statement for comments on the housing market and inflation.  The European Central Bank releases its policy decision Thursday. Mario Draghi speaks later that day. Don’t expect policy changes, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook, Bloomberg Intelligence said. Surveys of U.K. voters over the past few weeks have indicated a tightening race for Thursday’s election, increasing the chance that Prime Minister Theresa May might not bolster her majority. Comey’s testimony may offer clues to how the probe into the Trump campaign’s contact with Russian officials will impact the administration’s ability to push through its policy agenda.Here are the main moves in markets:

Currencies

The yen rose 0.5 percent to 109.93 per dollar as of 10:49 a.m. in Tokyo.  The Bloomberg Dollar Spot Index fell 0.1 percent, trading at the lowest since October. The Australian dollar fell 0.3 percent to 74.64 U.S. cents after climbing more than 1.5 percent over the past two sessions. The Mexican peso retreated 0.1 percent after jumping 1.8 percent on Monday. President Enrique Pena Nieto’s party forged ahead in the election for governor of Mexico’s largest state.Stocks

Japan’s Topix index fell 0.6 percent and Australia’s S&P/ASX 200 Index dropped 0.8 percent. South Korea is closed for a holiday. Hong Kong’s Hang Seng Index rose 0.2 percent while the Shanghai Composite Index added 0.1 percent. Futures on the S&P 500 Index dropped 0.1 percent after the underlying gauge slid 0.1 percent Monday. Qatari stocks plunged the most since 2009 on Monday after four U.S. Arab allies isolated Qatar over its ties to Iran.Commodities

Gold climbed 0.2 percent to $1,281.69 an ounce, advancing for a third day. WTI crude fell 0.5 percent to $47.16 a barrel, reversing an earlier gain. Oil fell 0.6 percent in the previous session.Bonds

The yield on 10-year Treasuries declined two basis points to 2.17 percent, after climbing two basis points in the previous session. Australian benchmark yields lost one basis point to 2.38 percent.

To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net Jeff Sutherland