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Home » Stocks markets cautious, dollar extends the rally ahead of US jobs report

Stocks markets cautious, dollar extends the rally ahead of US jobs report

by Stephen Soo
July 8, 2022 09:31
in Fundamental analysis
0
Stocks advance while dollar retreats to start the week

The data is expected to show nonfarm payrolls likely increased by 268,000 jobs in June

US stocks extended gains on Thursday as market players shrugged off a hawkish Fed minutes to focus on the upcoming jobs data. The report is expected to show nonfarm payrolls likely increased by 268,000 jobs in June after rising by 390,000 in the previous month. The Dow Jones Industrial Average gained 1.12%, the S&P 500 added 1.50%, while the Nasdaq Composite rallied 2.28%. This time, energy stocks were leading the gains as oil prices rebounded partially following the recent sell-off.

Tracking Wall Street gains, Asian equities advanced on Friday, with MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.8% to its highest level in a week. Japan’s Nikkei 225 index was up just 0.10% to cut some of its early gains after Japan’s former prime minister Shinzo Abe was shot and had been taken to hospital. South Korea’s Kospi index was up 1.18% and set for its best week in five months.

In Europe, stocks opened slightly lower ahead of the weekend but were still on course for a positive week after the recent solid bounce. The pan-European Stoxx 600 slipped 0.3% in early deals. US stock index futures were slightly lower in early premarket trade as investors turned more cautious ahead of the jobs report. The UK’s FTSE 100 was flirting with the flat-line, staying resilient after Prime Minister Boris Johnson announced his departure from office on Thursday.

Meanwhile, the US dollar extends its winning streak, rallying nearly across the market. The USD index climbed to fresh two-decade highs around 107.50, now targeting the 108.00 mark as bulls continue to dominate the market. As such, EURUSD plunged below the 1.100 figure, coming closer to parity as worries about a gas crunch in Europe persist, pressuring the shared currency along with the usual combination of risk sentiment and Fed-ECB policy differential.

Tags: DollarDOW JONESECBEURUSDfedFTSE 100NasdaqNikkeiS&P 500Stoxx 600USUSD
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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