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Stocks gain on US recovery outlook but dollar stops breathing

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SINGAPORE / NEW YORK (Reuters) – Asian stock markets rose on Tuesday as another batch of strong US economic data bolstered the global outlook, while currency and bond markets paused after a month of gains rapid dollar and US Treasury bond yields.

FILE PHOTO: A man walks past a stock listing board at a brokerage house in Tokyo, Japan February 26, 2021. REUTERS / Kim Kyung-Hoon / File Photo

The largest MSCI index for Asia-Pacific stocks outside of Japan rose 0.4% to a two-week high, while Tokyos Nikkei strolled just ahead of a two-week high. The Dow and the S&P 500 closed Monday at record highs.

Overnight, on the heels of an exceptional Good Friday jobs report, data for March showed that a gauge of U.S. services activity hit an all-time high as markets cheer a massive $ 2 trillion government spending program.

Overall, this is good for the global economy and therefore is a rationale for switching to currency pairs that are more sensitive to cyclical cycles and for buying stocks in general, said Kyle Rodda, market analyst at the IG brokerage in Melbourne.

Yields haven’t moved much, so tech stocks have outperformed, he said. In Asia, chipmakers pushed Taiwan’s benchmark up 1% to a record high and large gains took the Australias ASX 200 to a seven-week high. [.AX]

The Shanghai Composite has remained stable, while the Hong Kong stock exchange remains closed for the holidays.

European markets, which have been closed since the close on Thursday, were also poised to make gains with DAX futures up 1.2%, EuroSTOXX 50 futures up 1% and contracts. FTSE futures up 0.8%. Futures contracts on S&P 500 were stable.

The yield on benchmark 10-year US Treasuries was flat in New York and on Tuesday in Asia, it fell two basis points to 1.6860%. The US dollar held steady at $ 1.1810 per euro after posting its biggest drop in several weeks overnight.

Given how strong the flow of US economic news has been since we pulled over Thursday for the Easter break, the surprise … is that US bond yields are lower than they were in the middle of last week and that the dollar is weaker, said Ray Attrill. , Head of Foreign Exchange Strategy at National Australia Bank.

The dollar climbed a fraction higher against the yen on Tuesday to 110.25 and was broadly stable elsewhere. The Australian dollar held at $ 0.7647 ahead of a Reserve Bank of Australia policy decision due at 04:30 GMT.

The decline in yields and the greenback follows major bullish moves in the first quarter, with an 83 basis point rise in 10-year yields representing the biggest quarterly gain in a dozen years and rising of 3.6% of the strongest dollar index since 2018.

This was mainly driven by investors betting on the US leading the global recovery and forcing the US Federal Reserve to raise rates earlier than expected.

The March Fed meeting minutes are due on Wednesday, but they won’t resolve the latest data surprises.

Fed funds markets have forecast a full rate hike by the end of 2022, while Eurodollar markets have priced it by December.

What to test is how the Fed is strengthening and reassuring about its flexible targeting average inflation policy, said Vishnu Varathan, chief economist at Mizuho Bank in Singapore.

The dollars of the last few weeks of movement reflect the evolution of the markets despite what the Fed has said, he added.

The overnight dollar sway helped oil prices rise and Brent futures rose 1.2% to $ 62.91 per barrel as U.S. crude climbed by the same margin to $ 59.35 per barrel. Gold tacked 0.3% to $ 1,733 an ounce. [O/R][GOL/]

Reporting by Tom Westbrook in Singapore and Chibuike Oguh in New York; Edited by Christopher Cushing & Shri Navaratnam

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