Stocks struggle as US jobs dry up, kiwi leaps on RBNZ surprise

📆 5/4/2023 2:15 PM
📰 Reuters

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Stocks struggled to make headway on Wednesday, the dollar nursed losses and bonds clung to gains, as signs of a slowing U.S. labour market made investors nervous about the economic outlook, while a bigger-than-expected rate hike lifted the kiwi dollar.

Overnight a four-day winning streak for Wall Street indexes ended, with all three major indexes dropping, and interest rate expectations were dialled down after data showed U.S. job openingsTwo-year treasury yields , which closely track short-term rate expectations, dived almost 15 basis points and the dollar tracked the move to hit two-month troughs.

U.S. interest rate futures have rallied strongly over the last few weeks, as traders figure that under pressure banks will tighten up on lending anyway and save the need for monetary policymakers to do the job.

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