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US Stock Futures Extend Fresh Records

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US Stock Futures Extend Fresh Records
US Futures moved higher in early Asian trade on Monday, after the Dow Jones and the S&P 500 finished at record levels Friday as a disappointing payroll report eased worries about the Federal Reserve reducing its massive support anytime soon. Nonfarm payrolls increased by 266K only, well below forecasts of nearly one million, while the unemployment rate rose to 6.1% amid an escalating shortage of available workers. Meantime, traders are monitoring reports of a ransomware attack on the US’ largest fuel pipeline. US Commerce Secretary Gina Raimondo noted that the Federal government is working to avoid supply disruptions after Colonial Pipeline suspended operations on Friday. Last week, the Dow surged 2.7% to snap a two-week losing streak. The S&P 500 added 1.2%. Meanwhile, the tech-heavy Nasdaq dropped 1.5%.

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  • New Zealand Currency
    New Zealand Dollar Extends 10-Week Highs
    The New Zealand Dollar added 0.00164 points or 0.23% to fresh 10-week highs of 0.72929 in early APAC trade on Monday as weaker-than-expected US jobs data eased investor concerns about higher inflation and a cutback in stimulus. Nonfarm payrolls increased by 266K on Friday, well below forecasts of nearly one million, while the unemployment rate rose to 6.1%, easing worries that the Federal Reserve will reduce its massive monetary support anytime soon. Local 10-year rates were at 3-week highs of 1.743% while US 10-year rates were near 2-week lows of 1.575%. In last week’s data, CPI expectations came close to the target 2% value in the medium term. House price expectations cooled, while unemployment expectations for the future continued to decrease, to 4.9% for this time next year. Meantime, the unemployment rate decreased to 4.7% in Q1, declining from 4.9% in the previous period and beating market expectations of 4.9%.

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