04/10/2024 Evening Reports
The dollar remained close to a six-week high on Friday as investors focused on upcoming U.S. jobs data that could influence future interest rate decisions. Safe-haven demand boosted the greenback amid escalating tensions in the Middle East, while dovish expectations for other central banks, including the European Central Bank and Bank of Japan, further supported the dollar.
The pound regained some ground after a sharp drop on Thursday, sparked by Bank of England Governor Andrew Bailey’s dovish comments suggesting a more aggressive rate cut stance. Bank of England Chief Economist Huw Pill later advocated for a more gradual approach, causing sterling to tick 0.3% higher. The dollar index (DXY) hovered near Thursday’s six-week peak, posting its strongest weekly gain since April, as the prospect of faster rate cuts by other central banks gave the U.S. currency an edge.
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US Equity Futures Gain Amid Middle East Tensions and Key Jobs Data Awaited
US equity futures posted modest gains as traders anticipated the release of the US jobs report, which could offer clarity on the Federal Reserve’s interest rate path.
S&P 500 contracts rose 0.3%, while Treasury yields edged higher after sharp gains on Thursday.
Investors remain cautious, tracking rising hostilities in the Middle East, which have pushed oil prices to their strongest weekly increase in two years.
The jobs report is expected to show stable unemployment at 4.2%, with payrolls likely to increase in September.
Markets brace for volatility depending on the jobs data, with potential large moves in the S&P 500 index based on the report’s outcome.
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