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Dollar tanks on United States jobs data but stocks scale new peaks

03 June, 2017, 02:06 | Author: Abraham Jackson

The government cut its estimate of new jobs created in April to 174,000 from 211,000.

The latest figures also showed wage growth stuck at a relatively sluggish 2.5% though, more positively, the unemployment rate fell to a 16-year low of 4.3%.

"We suspect it will take a significant deviation from consensus in earnings - confirmed in subsequent releases - to give the dollar any sustained momentum", analysts from Credit Agricole said in a morning note to clients. Consequently, oil prices fell today.

Those gains filtered through to global stocks, lifting the MSCI All-Country World index 0.4 percent to a record high and on track to post a seventh straight week of gains, the longest such run since 2010.

Financial stocks in Britain lifted the FTSE 100 .FTSE index of top United Kingdom blue chips to all-time peaks while Germany's DAX .GDAXI index also set new highs.

On Wall Street, the three major US indices set intraday highs.

The greenback fell to seven-month troughs against euro and Swiss franc, while sliding from a one-week high versus the yen.

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"This report, combined with other factors, including declines in auto sales, raises questions about the recent hawkish tone of Fed officials, who have hinted at potentially more rate hikes and a start of the process of balance-sheet shrinking this year", Duncan said. He noted, however, that the Fed's plan to push rates higher repeatedly later this year now looks far from certain. The dollar was down 0.9% against the yen at the time of writing, and yields on 10-year treasury notes touched their lowest level since November, as investors sought haven assets.

In late trading, the U.S. dollar index fell to a seven-month low and was last down 0.5 per cent at 96.725.

Meanwhile, the other main news of the day was President Donald Trump's decision to withdraw the United States from the Paris Climate Accord, which could result in a rise in oil production. Brent crude oil, the global benchmark, is down by 2.2% at $49.52 per barrel. U.S. West Texas Intermediate crude futures fell 52 cents to $47.84 per barrel.

Long-dated U.S. Treasury yields fell to almost seven-month lows while short-dated yields touched their lowest in more than two weeks after the U.S. employment data suggested a cautious Fed policy beyond June.

IHS Markit's Manufacturing Purchasing Managers' Index for the euro zone rose to 57.0 in May, up from April's 56.7 and its highest level since April 2011.

USA 10-year Treasuries rose 14/32 in price to push their yields down to 2.1678 percent.

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