US markets advance on stronger than expected nonfarm payrolls | IFCM UK
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US markets advance on stronger than expected nonfarm payrolls

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The US stock market inched higher last week and the ICE US dollar index rose. US stocks closed higher on Monday in an abbreviated session ahead of the Fourth of July holiday. The dollar rebounded after previous week’s losses. European stock indices ended lower on Tuesday as North Korea’s missile launch undermined market sentiment. The dollar was little changed. US markets ended higher on Wednesday as Federal Reserve policy meeting minutes indicated the central bank may start reducing its balance sheet soon and technology stocks rallied. Minutes showed several members of the policy committee were in favor of starting a reduction of the central bank’s crisis-era balance sheet. However they were divided on inflation prospects and further pace of rate hikes after recent weak inflation data despite consistently low unemployment.

The US stock market slumped on Thursday as investors shifted out of tech stocks. Minutes from the European Central Bank indicated while panel members left the policy unchanged they considered ending central bank’s easing bias at June meeting. The ICE dollar index fell 0.5%. The US stock market closed higher on Friday as 222000 new jobs were created in US in June and hiring was stronger in May than previously reported. The SP 500 ended the week 0.06% higher and the US dollar index rose 0.36% for the week. The most anticipated events this week are: Bank of Canada rate decision on Wednesday; Fed Chair Janet Yellen’s semiannual monetary policy report before the Senate Banking Committee on Thursday and US inflation report on Friday. It is widely expected the central bank of Canada will hike rates to 0.75% from 0.5%, and a recovery in US inflation will boost rate hike likelihood at Fed’s next meeting in September.

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