Dollar and US Treasuries rise on strong US labor report.

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© Reuters. FILE PHOTO: A currency trader walks past electronic whiteboards displaying the Korean Composite Stock Price Index (KOSPI) and the exchange rate between the US dollar and the South Korean won in a bank trading room in Seoul

By Herbert Lash NEW YORK (Reuters) – The dollar and benchmark Treasury bond yield rose in light trades on Friday after data showing an increase in American hiring in March pointed to a US economic recovery that is on the horizon. about to be the strongest in decades. Stock markets were closed in observance of Good Friday in the Americas, Europe and elsewhere, but it is not a US government holiday, and the Department of Labor released the report on nonfarm payrolls. The US economy added 916,000 jobs in March, more than economists’ forecast of 647,000, and the unemployment rate fell to 6.0% from 6.2% the previous month. February employment figures were revised upward according to the employment report. S&P 500 stock index futures extended gains to 0.43% after the report. Despite the strong numbers, the data will not alter the Federal Reserve’s stance on monetary policy, said Steven Ricchiuto, chief US economist at Mizuho Securities USA in New York. “The economy is recovering, but it is not producing the things that are going to change the direction of monetary policy,” Ricchiuto said. “We are going to test the 1.77% level (on the 10-year Treasury note), but I’m not sure it will exceed this number.” The 10-year US Treasury bond rose 3.9 basis points to yield 1.7179%, but was still below the 14-month high of 1.776 reached Tuesday. [US/] Treasury bond yields have skyrocketed on the economic outlook fueled by US President Joe Biden‘s plans for $ 2.3 trillion in infrastructure spending and the accelerated rollout of COVID-19 vaccines. The March labor market report is the first of what will likely be several very strong labor reports in the coming months, said Russell Price, chief economist at Ameriprise Financial (NYSE 🙂 Services Inc in Troy, Michigan. “The outlook looks very good,” Price said. But “in my opinion, the biggest limitation could be the ability of the supply side of the economy to satisfy consumer wants.” Asian markets rose overnight as optimism about the global economic recovery boosted equity markets in Japan, China and South Korea. The in Tokyo hit a two-week high, with semiconductor stocks leading the market as the industry seeks to boost manufacturing amid a global chip shortage. Biden’s spending plan includes $ 50 billion for chip making and other tech research, said Fumio Matsumoto, chief strategist at Okasan Securities. Shares in China posted a second weekly gain, as recent data pointed to a strong recovery in the world’s second-largest economy. Both the CSI300 and the index closed at nearly four-week highs. China’s hot rolled coil and corrugated steel bar prices closed at record highs after China announced on Thursday a nationwide investigation into steel capacity cuts launched in 2016 as part of efforts to ensure let production drop this year. South Korean stocks closed higher for their biggest weekly gain in nearly two months as optimism about a stimulus-driven economic recovery boosted stocks. Stocks rose on Wall Street on Thursday, hitting a new high as it climbed the 4,000 mark, and the benchmark Deutsche Boerse (DE 🙂 index in Germany setting a new high. The stock rose on reports of the strongest manufacturing data in decades around the world. The was up 0.127%, with the euro falling 0.14% to $ 1.1759. The Japanese yen weakened 0.07% against the dollar to 110.67 per dollar. prices fell 0.08% to $ 1,728.84 an ounce.