US dollar rises on jobs data

New York, June 3 (IANS) The US dollar climbed against most major currencies on Thursday as jobs data from the country came out positive.

In the week ending May 28, the advance figure for seasonally adjusted initial jobless claims was 267,000, a decrease of 1,000 from the previous week’s unrevised level, in line with market consensus, announced the US Labour Department on Thursday, Xinhua reported.

US private sector employment increased by 173,000 jobs from April to May, said the May ADP National Employment Report on Thursday.

Meanwhile, investors were still sifting through the Federal Reserve’s Beige Book released on Wednesday. US economy reported modest growth in April through mid-May, and the tight labour market is pushing up wage and price pressures, according to the Beige Book.

Fed officials have said that they expect to raise interest rates in the coming months, if the economy continues to improve.

The dollar index, which treasures the greenback against six major peers, was up 0.10 percent at 95.552 in late trading on Thursday.

In late New York trading, the euro fell to $1.1152 from $1.1182 of the previous session, and the British pound increased to $1.4430 from $1.4406. The Australian dollar went down to $0.7226 from $0.7254.

The dollar bought 108.84 Japanese yen, lower than 109.51 yen of the previous session. The dollar added to 0.9902 Swiss francs from 0.9883 Swiss francs, and it inched up to 1.3112 Canadian dollars from 1.3072 Canadian dollars.

US stocks keep rising amid oil volatility

New York, June 3 (IANS) US stocks pared early losses to end mildly higher as investors meditated on the volatility in oil prices and remarks from the European Central Bank (ECB) president Mario Draghi.

The Dow Jones Industrial Average rose 48.89 points, or 0.27 percent, to 17,838.56 on Thursday, Xinhua news agency reported.

The S&P 500 increased 5.93 points, or 0.28 percent, to 2,105.26. The Nasdaq Composite Index added 19.11 points, or 0.39 percent, to 4,971.36.

Oil prices initially tumbled in the early trading on Thursday as the Organization of the Petroleum Exporting Countries ended a meeting without setting a ceiling for its production, but then reversed losses to settle mildly higher after official data showed that US crude stockpiles fell 1.4 million barrels in the last week.

“Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged,” Draghi told a press conference after a monthly Governing Council meeting of ECB in Vienna.

Tokyo stocks open higher

Tokyo, June 3 (IANS) Tokyo stocks made gains from the off on Friday as investors snapped up bargains following the market’s two-day run of closing lows which saw a wide range of issues oversold.

The 225-issue Nikkei Stock Average added 126.81 points, or 0.77 percent, from Thursday to 16,689.36, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 8.09 points, or 0.61 percent, to 1,339.90.

Early notable gainers comprised textiles and apparels, retail, and fishery, agriculture and forestry-linked stocks.

Chinese shares open mixed

Beijing, June 3 (IANS) Chinese stocks opened mixed on Friday, with the benchmark Shanghai Composite Index rising 0.16 percent to open at 2,929.79 points.

The smaller Shenzhen index opened 0.02 percent higher at 10,275.94 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was down 0.56 percent to open at 2,176.36 points.

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