The dollar solidified its climb, surging against emerging-market currencies and holding near a 13-year high against the yen amid mounting speculation U.S. interest rates will be increased as soon as September. Japanese stocks advanced with copper, while crude oil retreated.
The greenback was at 125.54 yen by 9:20 a.m. in Tokyo, after touching its strongest level since June 2002 on Friday. The Korean won and Malaysian ringgit slid at least 0.9 percent, while Turkey’s lira sank to a record low after the ruling party failed to win a majority in elections. Japan’s Topix index rose 0.2 percent, while the MSCI Asia Pacific Index traded at a nine-week low as Korean shares fell. U.S. futures were little changed. U.S. oil lost 0.8 percent. Copper rose a second day.
Odds the Federal Reserve will boost benchmark rates in September rose to 33 percent after the best U.S. jobs report in five months, from 27 percent beforehand. Investors are now looking ahead to retail sales data due later in the week. Japan’s first-quarter growth was revised up in final figures Monday, with China to report on trade. Group of Seven leaders called for action over Greece at the weekend, with talks between the indebted nation and its creditors resuming Monday.
Employers in the U.S. added 280,000 workers to nonfarm payrolls in May, following April’s 221,000 increase. Economists had projected a climb of 226,000. The jobless rate rose to 5.5 percent from 5.4 percent. The data came a day after the International Monetary Fund questioned whether inflation was robust enough to warrant the first U.S. rate rise since 2006. The lender also expressed concern over the strong dollar.
Australian markets were closed for a holiday Monday.
Source : Bloomberg