Broadgate: Market News 5/4
5 April 2012
U.S. jobless claims are likely to have dropped by 4,000 last week to 355,000, according to economists surveyed by Bloomberg before a report today. The U.S. government is also due to release a March employment report tomorrow that may show a fourth straight month of jobs growth above 200,000. Positive employment figures are increasing confidence in the U.S. recovery.
The Australian and New Zealand dollars strengthened against most of their 16 major counterparts. The AUD, known as the Aussie, was within 0.2 percent of a six-month low versus the New Zealand dollar as swaps traders increased bets that the Reserve Bank of Australia will cut interest rates next month. Financial markets in both countries will be closed from tomorrow for holidays and will reopen on April 10.
The Aussie had lost 1.4 percent for the two days through yesterday, the worst performer after South Africa’s rand among the 16 major counterparts of the dollar. The euro was little changed at $1.3154, after yesterday dropping to the weakest level since March 16.
Oil added 0.7 percent to $102.18 a barrel in New York. Crude dropped 2.4 percent yesterday after government figures indicated that U.S. supplies climbed by the most since 2008.
Asian stocks erased losses when Chinese developers advanced because of a government announcement that it will more than double the amount foreigners can invest in the country’s equities. Shares had fallen earlier amid concern that Europe may not be fully able to contain its debt crisis.
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