07 June 2021
- Dented by jobs miss, dollar teeters ahead of CPI
- Asia shares turn cautious ahead of U.S. inflation
- Oil eases as investors await Iran nuclear talks this week
The U.S. dollar began the week under gentle pressure, after a second consecutive month of softer-than-expected U.S. jobs data reversed its recent attempts at a rally, as focus shifted to inflation figures and a European Central Bank meeting.
Friday jobs readout, which showed U.S. non-farm payrolls increasing by 559,000 in May, missed market expectations by nearly 90,000 and seemed to cool worries that the recovery was running hot enough to require early tapering of policy support.
After the data, the dollar unwound a broad bounce, and on Monday it opened in Asia near where it finished the week. A euro bought $1.2165, about 0.5% below the three-week high of $1.2104 it had struck on Friday.
The Australian and New Zealand dollars were back above 77 cents and 72 cents, respectively, and the dollar was back beneath 110 Japanese yen, last trading at 109.61. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was steady at 90.107 in Asia
Asian shares turned lower on Monday as relief over the benign U.S. jobs report was chilled by caution ahead of key inflation data later this week, while a coronavirus outbreak in Taiwan took a toll on chip manufacturers.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3% and risked a fourth session of losses. Japan’s Nikkei edged up 0.2% and touched its highest in almost a month.
Taiwan stocks lost 1.7% as a spike in COVID-19 cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics. Chinese blue chips were off 0.3% ahead of data on exports and imports for May.
Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week’s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.
Brent crude futures for August fell 26 cents, or 0.4%, to $71.63 a barrel , after earlier hitting $72.27, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but retreated to $69.43 a barrel, down 19 cents, or 0.3%.
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