Oil erases weekly gain; stimulus in doubt on jobs data
SINGAPORE, Oct 8 (Reuters) - Oil slipped a few cents, erasing gains for the week, on speculation the U.S. jobs market may have emerged from a soft patch, putting into question the urgency of further monetary stimulus.
"The dollar is the key short-term factor and the reinstatement of the linkage with the dollar will stay for a while yet," JP Morgan oil analysts led by Lawrence Eagles said, referring to the inverse relation between the U.S. currency and oil, which becomes dearer to most as the greenback strengthens.
Profit taking precedes US payrolls, G7
HONG KONG, Oct 8 (Reuters) - Investors took profits on Asian equities and gold while also buying back some U.S. dollars, squaring up before the latest U.S. employment report and potentially contentious international meetings about currencies.
"Positioning could limit the degree of dollar downside, particularly against the euro," Todd Elmer, currency strategist with Citi in Singapore, said in a note.
COMMODITY MARKETS: Gold, commods fall as dollar rises on job hopes
NEW YORK, Oct 7 (Reuters) - Most commodities fell on Thursday after signs of a possible improvement in U.S. jobs boosted the dollar, pushing gold off a record high for its biggest one-day loss in two months.
"The gold market has been overdone, and we have gone so far in such a short period of time, so a correction is inevitable," said Bruce Dunn, vice president of trading at Auramet Trading.
GLOBAL MARKETS: Dollar rebounds, gold falls before US jobs data
NEW YORK, Oct 7 (Reuters) - The U.S. dollar rebounded after sliding to a 15-year low versus the Japanese yen and commodity prices erased gains that pushed gold to yet another new high on Thursday as traders bet momentum had swung too far, too fast.
"It's been the same story, the dollar goes down, assets are all inflated -- gold, oil, stocks," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
OIL: Crude erases weekly gain; stimulus in doubt on jobs data
SINGAPORE, Oct 8 (Reuters) - Oil fell on Friday, erasing gains for the week, as the dollar strengthened on speculation the U.S. jobs market may have emerged from a soft patch, putting into question the urgency of further monetary stimulus.
New U.S. claims for jobless benefits hit a near three-month low last week, a report showed on Thursday, suggesting some let up in labor market distress ahead of a monthly report due later on Friday that is expected to show non-farm payrolls were unchanged in September.
U.S. private sector job cuts raise Fed easing chance
NEW YORK, Oct 6 (Reuters) - U.S. private employers unexpectedly shed jobs in September, reinforcing the conviction that the U.S. Federal Reserve as early as next month will embark on another round of monetary policy stimulus to support the economic recovery.
ADP's national employment report on Wednesday said U.S. private employer payrolls fell by 39,000 jobs in September. The median forecast from a Reuters poll was for an increase of 24,000 jobs.
PRECIOUS-Gold hits record, set for best week in six months
LONDON, Oct 7 (Reuters) - Gold rose to a third successive record high on Thursday, putting it on track for its strongest weekly performance in six months, as expectations for the Federal Reserve to prop up the economy undermined the dollar.
"We look at the reasons for holding gold and other precious metals and, above everything else, it is the idea of a store of value to protect against currency debasement," said Natixis strategist Nic Brown.
FOREX-Dollar falls on policy, imbalance concerns
LONDON, Oct 7 (Reuters) - The dollar's downtrend gathered pace on Thursday as it slid to a 15-year low versus the Japanese yen and an all-time low against the Swiss franc on the prospect of more money-printing by the U.S. Federal Reserve.
"The only story out there at the moment is what the implications of another massive surge of QE means for the dollar and global imbalances," said Maurice Pomery, managing director of Strategic Alpha.
World stocks hit 5-month peak; dollar tumbles
LONDON, Oct 7 (Reuters) - Malaysian palm oil hit a near 17-month high on Thursday as traders bet the weak dollar may spur more demand for U.S. priced vegetable oil from top buyers China and India.
The dollar held near a 15-year low on expectations the U.S. Federal Reserve will shift towards a looser monetary policy and spur another round of quantitative easing -- a scenario that has supported equity and commodity markets.
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