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Dollar Declines As Fed Tightening Prospects Recede After U.S. Jobs Data


Dollar Declines As Fed Tightening Prospects Recede After U.S. Jobs Data
The U.S. dollar fell against its major counterparts in the European session on Friday, as an unexpected rise in the nation’s jobless rate for June reduced hopes for an early monetary policy tightening by the Federal Reserve.
Data from the Labor Department showed that non-farm payroll employment spiked by 850,000 jobs in June after surging by an upwardly revised 583,000 jobs in May.
Economists had expected employment to jump by about 700,000 jobs compared to the addition of 559,000 jobs originally reported for the previous month.
Meanwhile, the unemployment rate unexpectedly inched up to 5.9 percent in June from 5.8 percent in May. The unexpectedly rate was expected to edge down to 5.7 percent. ....

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EMEA Morning Briefing: Stocks to Rise After S&P Books Sixth Consecutive Session of Gains


Provided by
Dow Jones
MARKET WRAPS
Watch For:
EuroCOIN indicator of euro area economic activity; EU PPI; U.S. Employment Report. U.K. Prime Minister Boris Johnson meets German Chancellor Angela Merkel.
Opening Call:
Equities:
European stock futures were pointing to a higher open Friday, after the S&P 500 logging its sixth consecutive session of gains.
Stocks have been lifted to record highs from data showing the U.S. economy is growing at a rapid clip and the prospect of a bumper set of second-quarter earnings at the largest companies. Meantime, investors have grown less concerned that the Federal Reserve will raise interest rates to ward off higher inflation. ....

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Utilities Up As Traders Hedge Bets Ahead Of Jobs Data -- Utilities Roundup


Utilities Up As Traders Hedge Bets Ahead Of Jobs Data Utilities Roundup
07/01/2021 | 05:35pm EDT
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Shares of power producers rose as traders bought into defensive sectors as a hedge against a lackluster jobs report Friday.
Federal Reserve Bank of Philadelphia President Patrick Harker said that while an interest rate rise lies some ways in the distance, he is ready for the U.S. central bank to begin slowing the pace of its asset buying stimulus this year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires ....

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