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4 February, 2018 00:00 00 AM
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Dollar labours higher on jobs report, stocks drop

AFP

AFP, LONDON: Data showing strong job creation and wage gains in the United States fed expectations of interest rate hikes, sending the dollar and US bond yields higher on Friday, while stocks slumped.

With 200,000 jobs added to the US economy last month,

more than analysts had forecast, expectations are mounting that the Federal Reserve will push forward with more intest rate

hikes.

The Fed’s concerns about tepid inflation will likely be salved by data showing wage growth of 2.9 per cent, the largest 12-month increase in more than nine years.

The greenback snapped higher after the announcement, as did the yield on US government bonds. Bloomberg reported the rate of return on 10-year US Treasury hit a four-year high of 2.84 per cent.

“Rising wages are a good thing for the economy, but what is good for the economy isn’t always good for the stock market if it drives up rate-hike expectations,” said Briefing.com analyst Patrick O’Hare.

“The dollar clearly needed support this week, and January’s impressive US jobs data has come to the rescue,” said research analyst Lukman Otunuga at FXTM online currency brokerage.

But analyst Craig Erlam downplayed the size of the gains by the dollar gains.

 

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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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