The dollar is poised for its biggest weekly gain this year as the U.S. tax reform bill made encouraging progress and ahead of employment data that’s expected to show hiring remains robust in the world’s largest economy.
Asian stocks rose 0.3 percent and is up about 24 percent so far this year following a broad-based rally in U.S. equities. The MSCI Asia Pacific Index gained 0.3 percent and is up about 24 percent so far this year. Japan’s benchmarks advanced, buoyed by a weaker yen, which added to a 0.7 percent slide. The Bloomberg dollar index looks like ending the week with a gain of more than 1 percent after the passage of the U.S. tax bill through the Senate underpinned gains. The pound held on to an advance on speculation that Ireland and Britain were close to a Brexit deal. Gold was steady after extending this week’s slide to a four-month low.
Equities across the Asia-Pacific began rallying on Thursday after an eight-day losing streak saw investors booking profits following 2017 gains. This year remains on track to be the best since 2009 when stocks surged in the immediate aftermath of the financial crisis.
The Bloomberg Dollar Spot Index was up 0.1 percent. The yen fell 0.2 percent to 113.30 per dollar. The euro edged lower to $1.1766. The pound held around $1.3467 after climbing 0.6 percent.