SINGAPORE : Asian shares inched higher, while the dollar started the week on the front foot after the U.S. jobs data underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month. MSCI's broadest index of Asia-Pacific shares o
SINGAPORE : Asian shares inched higher, while the dollar started the week on the front foot after the U.S. jobs data underscored a tight labour market, firming up expectations that the Federal Reserve will again raise interest rates at its meeting next month.
Labor Department data on Friday showed that nonfarm payrolls increased by 236,000 jobs last month, just shy of the 239,000 expected by economists in a Reuters poll. "Investors are anticipating last month's U.S. bank failures will force the Fed to cut rates but officials warn sticky inflation will make the Fed unlikely to ease policy this year."
With recession worries mounting, investors are betting the tumult in the banking system sparked by the sudden collapse of Silicon Valley Bank in March will tighten credit conditions. Traders have increasingly become convinced that the Fed will cut rates in the second half to ward off an economic downturn."Not only should high inflation and a still-strong labour market keep cuts unlikely," according to Citi strategists.
In the currency market, the dollar index, which measures the U.S. currency against six major peers, rose 0.118 per cent to 102.14.
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