Bloomberg (04/12) -- The dollar rose against most of its major peers and oil gained in New York before data that may help investors gauge the outlook for U.S. stimulus. The Australian dollar sank, while European stocks were little changed.The Bloomberg U.S. Dollar Index climbed 0.2 percent at 8:28 a.m. in London. The Aussie dropped 1.3 percent versus the greenback after the nation’s economic growth slowed, New Zealand’s dollar retreated 0.8 percent and the yen was 0.2 percent weaker. The Stoxx Europe 600 Index fluctuated, while Standard & Poor’s 500 Index futures rose 0.1 percent. The MSCI Asia Pacific Index slumped 1.2 percent. Crude advanced to a five-week high.
U.S. companies probably added the most jobs last month since June, a private survey today may show, according to a Bloomberg poll, while data on the nation’s services industries and new home sales are also due. Another report is expected to confirm the euro-area economy barely expanded last quarter. Australia’s gross domestic product grew a slower-than-expected 0.6 percent in the same period from the previous three months.
“The U.S economy is surprisingly strong,” said Carl Hammer, a currency strategist at SEB AB in Stockholm. “All barometers are signaling good momentum. We have had a decent move higher in dollar-yen on the expectation payrolls will be strong and that we may get tapering in December.”
Companies in the U.S. probably added 170,000 jobs last month, the most since June, according to the median estimate of economists in a Bloomberg News survey. The ADP Research Institute will release the report at 8:15 a.m. New York time.
The Federal Open Market Committee meets Dec. 17-18 to discuss policy after minutes of their last meeting in October showed officials may reduce their $85 billion of monthly bond buying should the U.S. economy improve as anticipated.
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