Reuters: US Dollar Report: GLOBAL MARKETS-Shares, dollar hold gains, focus on U.S. jobs data

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GLOBAL MARKETS-Shares, dollar hold gains, focus on U.S. jobs data Jul 5th 2013, 07:39 Tweet Share this Email Print Related Topics Stocks » Currencies » Markets » Cyclical Consumer Goods » Financials » Industrials » Fri Jul 5, 2013 3:39am EDT * Dollar index up 0.8 percent ahead of 1230 GMT payrolls print * European shares hold gains made on ECB, BoE stimulus pledges * Bond markets steady as jobs data key to Fed tapering views By Richard Hubbard LONDON, July 5 (Reuters) - European shares and bonds were little changed on Friday in cautious trade before U.S. jobs data, holding onto gains posted the previous day after Europe's two biggest central banks said interest rates would stay low. The dollar rose and traders said it could test a near three-year high against a basket of currencies that it hit in May if the U.S. payrolls data, due out at 1230 GMT, came out strong. The figures could either bolster or weaken the case for an imminent reduction of the Federal Reserve's $85 billion a month bond buying programme, triggering turbulence across all major asset classes. "The market is not expecting a very weak report. Anything from neutral to better ... will be enough to keep markets and investors convinced that the Fed will start tapering," KBC strategist Mathias van der Jeugt said. Ahead of the data, sterling and the euro were seen vulnerable to testing new lows. In early European trade the single currency had slipped 0.15 percent to $1.2890, having fallen 0.9 percent on Thursday to hit a five-week low of $1.2883. The British pound struck a five-week low of $1.5026 in Asian trade. European shares opened slightly higher with the broad FTSEurofirst 300 index up 0.2 percent. It had rallied 2.4 percent on Thursday after the European Central Bank and the Bank of England offered unprecedented future guidance on policy, signalling that they were in no hurry to withdraw stimulus. Bond markets were mostly steady with Bund futures 4 ticks up at 142.32. Portuguese bond prices, which have fallen sharply this week, gained after the country's prime minister sought to reassure investors that the government's stability would be maintained. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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