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GLOBAL MARKETS- Dollar swings up, stocks dip after solid U.S. jobs data

Published 2015-08-07, 08:53 a/m
© Reuters. GLOBAL MARKETS- Dollar swings up, stocks dip after solid U.S. jobs data
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By John Geddie
LONDON, Aug 7 (Reuters) - The dollar gained and Wall Street
stock futures extended losses as U.S. jobs data came near enough
to expectations to bolster bets the Federal Reserve will raise
rates for the first time in nearly a decade this year.
The data showed 215,000 jobs were added in July, slightly
below a Reuters poll of 223,000 jobs, but the unemployment rate
held at a seven-year low of 5.3 percent and there were signs
that wages were beginning to pick up.
U.S. stock futures extended earlier losses, dropping 0.2
percent on the day SPc1 . The Dow Jones industrial average was
set for its seventh day of losses - its worst run in four years.
The U.S. dollar jumped against a basket of other currencies
.DXY , climbing 0.4 percent on the day to a four-month high
of 98.271.
U.S. Treasury yields were flat at 2.23 percent as were
European benchmark German yields. US10YT=TWEB .
European stocks .FTEU3 moved up slightly after the data,
although the index remained down 0.3 percent on the day.
The prospect of higher rates has made non-interest-bearing
gold less attractive. It was set to record its longest weekly
losing streak since 1999 on Friday. GOL/
"It's another solid report overall. If you thought that the
Fed was going to go in September this report would suit that
thematic nicely," said Tom Porcelli, chief U.S. economist at RBC
Capital Markets in New York. "I don't think anything has changed
in that regard. I think it's another step toward the eventual
liftoff."
Oil extended its fall on the day as it faced its sixth
consecutive week of losses, the longest run since the start of
the year. Brent crude LCOc1 was down 0.7 pct at $49.17. O/R

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