By Swati Pandey
SYDNEY (Reuters) – Asian stocks slipped on Monday when investors put on a less aggressive political relief in the US, while the Turkish lira held nearly two weeks after the country's president rejected his central bank director this weekend .
Global stocks have generally been bolstered by expectations that central banks will keep interest rates at or near record promises to boost economic growth.
These expectations were tempered by a US work report showing non-farm payrolls jumped 224,000 in June and forecasting 1
Asian stocks tracked Wall Street, which fell from record high on Friday.
MSCI's broadest index for Asia-Pacific stocks outside Japan () stumbled by 0.3%, with South Korea's KOSPI () of 1% and Australian equities () down 0.4%.
Japanese Nikkei () faltered 0.6%.
"The June wage cast a key in jobs for those participants who look for a 50 basis point cut to the federal fund price at the upcoming FOMC meeting," ANZ analysts wrote to clients in a note.
"This was the strongest non-farm payroll printed since January this year and suggests that the US economy still has a firm footing," they added.
"The figures also indicate that market pricing for a need for" rapid fire "Cuts to politics may need to be considered. "
In response to the data, US government bonds sold, dividends on two-year notes sent about 10 basis points higher.
Expectations of a Fed interest rate cut also declined with the market, and now pricing 27 basis points relief this month, from 33 Fed points earlier to payrolls.
Fed leader Jerome Powell is expected to signal further the short-term outlook for monetary policy this week by his biannual testimony to the US Congress on the economy.
Fed in its semi- annual report to Congress on Friday Repeated its promise
CURRENCY AND GEOPOLITICS
In the foreign exchange markets, the action in the Turkish lira, which weakened to 5.88245 per dollar, was the lowest since June 25, after Turkey's Governor Murat Cetinkaya, whose four-year period was to run 2020, was replaced by his deputy Murat Uysal.
President Tayyip Erdogan drew Cetinkaya to deny the government s repeated demands for a reduction in interest rates, and ask questions about the central bank's independence.
The lira pared some of their losses to the last team near 5.7401.
The (), which measures the greenback against a basket of major currencies, eased from a 2-1 / 2 week peak of 97,443 to the last quote of 97,251.  The euro () was flat at $ 1,1226, not far from a 2-1 / 2 week low of $ 1,1205 touched on Friday.
The Australian dollar, which has been on the rise since June 18, fell below US $ 70 to trade at $ 0.6974.
Geopolitics may be in focus this week after news on Sunday that Iran will increase its uranium enrichment, contrary to a cap set by a nuclear 2015 nuclear deal.
"So far, tensions in the US and Iran have not had a significant impact on the markets, but if tensions escalate it can be another story," said National Australia Bank strategist Rodrigo Catril.
The latest news about China and the United States trade talks failed to impress markets.
White House Financial Advisor Larry Kudlow confirmed top US and China representatives will meet in the coming week to continue trading negotiations.
"If the dealers can find a solution to the difficult structural problems that remain between the two sides, another case is and Kudlow warned that there was no timeline to reach an agreement," says NAB's Catril.
In the Commodity Markets rose oil prices with Brent crude futures (), the international benchmark for oil prices, increased by 9 cents to $ 64.32 per barrel, while it added 8 cents to $ 57.59.
fell 0.2% to $ 1,397.03 one ounce