Japan leads Asia stock rally, dollar gains after blowout US payrolls
TOKYO - Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout U.S. labour data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.
Japan's top currency diplomat, Atsushi Mimura, said on Monday that officials will monitor foreign exchange moves, including speculative trading.Bets for a super-sized 50-basis-point rate cut at the Federal Reserve's next policy announcement on Nov. 7 - which had been above 50% a week ago - were completely erased after the payrolls report.
The two-year U.S. Treasury yield rose 1.7 basis points to 3.9488% on Monday, the highest in more than a month. Crude prices slipped following their biggest weekly gains in more than a year amid the mounting threat of a region-wide war in the Middle East.futures lost 65 cents to $77.40 per barrel, while U.S. West Texas Intermediate crude futures declined 53 cents to $73.85 per barrel.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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