Asian stocks were set to hold tight ranges on Friday after a mixed Wall Street session and as investors awaited key U.S. jobs data while sustained hopes about a global economic recovery kept pressure on the safe-haven dollar.
Friday’s U.S. employment report is expected to show nonfarm payrolls fell in May by 8 million jobs after a record 20.54 million plunge in April, according to a Reuters survey of economists.
Currency markets, however, showed continued confidence in the revival of the global economy, particularly after the European Central Bank pledged more support. The ECB also extended the program until at least June 2021 and pledged to reinvest returns in a reminder of how far some governments will go to support the economy.
The Australian dollar rose 0.07% versus the greenback to $0.695. The Aussie, one of the best recent performers due to the increase in risk appetite, on Thursday reached as high as $0.6987, the strongest since Jan. 3.
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