SHANGHAI, June 2 — Stocks chopped around record peaks yesterday, while the dollar was pinned near recent lows, as markets awaited US jobs data and looked ahead to crucial central bank meetings in Europe and United States for guidance on the interest rates outlook.
Brent crude was firm after closing above US$70 a barrel for the first time in two years, while bond and currency markets were becalmed as traders wait on data for clues as to the recovery’s progress. After a big miss in April, when monthly hiring of 266,000 confounded expectations for 1 million, May estimates range between 400,000 and 1 million, with consensus around 664,000.
“As the major developed economies continue to reopen from Covid lockdowns the focus on central bank meetings is going to intensify,” MUFG analysts said in a monthly outlook note. The Aussie was last steady at US$0.7747. The euro held at US$1.2218, just shy of recent highs as the risk of a dollar rally if strong data prods the Fed into tightening is keeping investors from adding to large dollar shorts.
At US$1,898 an ounce the metal was flat, but it is up more than 13 per cent in just over two months, mostly thanks to help from a falling U.S dollar.
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