Dollar Falls Before Payrolls Report Traders Bet Won’t Sway Fed

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The dollar fell for a second day before nonfarm payrolls data due Friday amid signs growth in the world’s largest economy may have lost momentum.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its peers, fell 0.6 percent to 1,191.23 at 4 p.m. New York time, after ending a four-day gain Wednesday. The gauge’s 6.2 percent advance in the three months ended March 31 was its biggest first-quarter increase in data going back to 2004.

The dollar weakened 1.1 percent to $1.0880 per euro, trimming its 2015 gain to 10 percent, and was little changed at 119.72 yen.

Source: Bloomberg

Gold falls ahead of U.S. payrolls data despite weak dollar

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Gold fell on Thursday as the impact of a weaker dollar was offset by positive U.S. economic data that offered hope the labor market continues to expand even as growth has stalled, ahead of Friday's important U.S. nonfarm jobs report.

Spot gold fell 0.3 percent to $1,200.10 an ounce by 3:01 p.m. EDT (1901 GMT). U.S. gold for June delivery slipped $7.30 an ounce to settle at $1,200.90.

The metal reversed initial gains after data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, while February's U.S. trade deficit narrowed to it lowest point since October 2009.

The dollar, however, remained under pressure on views that U.S. economic growth slowed sharply in the first quarter.

Investors turned their attention to Friday's U.S. nonfarm payrolls, which economists polled by Reuters forecast to show an increase of 245,000 in March after a 295,000 rise in February.

Spot silver fell 1.2 percent to $16.68 an ounce, while platinum lost 0.7 percent to $1,150.50 an ounce and palladium rose 0.1 percent to $743 an ounce.

Source : Reuters

U.S. Equities Advance Amid Economic Data Before Labor Report

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U.S. stocks rose, after equities’ two-day decline, as a trend of mixed economic data continued before Friday’s government report on hiring.

CarMax Inc. rallied to an all-time high after a stronger-than-estimated fourth-quarter profit. Lorillard Inc. and Reynolds American Inc. climbed as antitrust officials weigh the cigarette companies’ merger. Qualcomm Inc. and Google Inc. slipped more than 1.4 percent.

The Standard & Poor’s 500 Index added 0.4 percent to 2,066.80 at 4 p.m. in New York, and finished the week higher by 0.3 percent.

Stocks extended gains after Iran and world powers said they reached an outline accord that keeps them on track to end a decade-long nuclear dispute.

Source: Bloomberg

U.S. Equities Fluctuate as Tech Companies Offset Consumer Gains

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U.S. stocks fluctuated as declines in technology companies offset gains in consumer shares before Friday™s government report on hiring.

Qualcomm Inc. and Google Inc. fell more than 1.3 percent. CarMax Inc. rallied to an all-time high after a stronger-than-estimated fourth-quarter profit. Lorillard Inc. and Reynolds American Inc. climbed as antitrust officials weigh the cigarette companies™ merger.

The Standard & Poor™s 500 Index added 0.1 percent to 2,062.40 at 12:16 p.m. in New York, paring an earlier gain of as much as 0.6 percent. The Dow Jones Industrial Average climbed 9.51 points, or 0.1 percent, to 17,707.69, and the Nasdaq Composite Index was little changed.

The S&P 500 has fluctuated in the holiday-shortened week around a 15-point range framed by the index™s 50-day and 100-day moving averages. Data Thursday showed jobless claims fell more than forecast while factory output topped estimates, continuing a trend of mixed economic reports as the Federal Reserve considers raising interest rates.

Source: Bloomberg

European Stocks Retreat, Paring Weekly Advance as Miners Decline

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European stocks slipped, paring a weekly gain, as miners and energy companies retreated.
A gauge of commodity producers posted the biggest decline of the 19 industry groups on the Stoxx Europe 600 Index as Societe Generale SA said iron ore prices may extend losses. BHP Billiton Ltd. slid 2.6 percent. Royal Dutch Shell Plc and Total SA contributed the most to a drop in energy stocks, as oil prices fell.

The Stoxx 600 declined 0.2 percent to 397.8 at the close of trading, paring its weekly gain to 0.6 percent. Shares briefly erased losses after U.S. factory-order data beat forecasts. The equity gauge has jumped 16 percent this year amid optimism European Central Bank stimulus will revive the region’s economy, while a weakening euro will boost profits. The rally propelled valuations to the highest in at least a decade last month.

ECB minutes released today showed policy makers are prepared to alter the pace of bond-buying if necessary. While Governing Council members currently deem the scope of their quantitative-easing program appropriate, this assessment may change over time as higher-than-usual uncertainty surrounds current economic projections, according to the minutes of the group’s March 4-5 meeting.

Source : Bloomberg