Asian stocks climbed to one-year highs on Monday. The Australian dollar also rose as investors’ hunt for yield gathered momentum against a backdrop of a recovering U.S. economy and easy global monetary policy conditions.
The U.S. Department of Labor said July non-farm payrolls rose by 255,000 and revised the June increase upward to 292,000.
The strong U.S. jobs report brought some light in the global economic landscape, with Australia’s central bank and the Bank of England cutting interest rates last week and New Zealand set to follow in coming days.
In currency markets, the dollar was up 0.3% at 102.04 yen. It was steady against the euro at $1.10925.
Major currencies are expected to stick to recent ranges, market participants assume that thin market conditions could amplify moves.
Despite a cut in interest rates last week, the Australian dollar was among best performing currency in Asia. It was up 0.01% at 0.7613.
Spot gold was up 0.16% to $1,337.02 an ounce, a low not seen since July 29.
Crude oil futures rose on Monday. U.S. crude added 0.48% to $42 a barrel, while Brent crude was up 0.45% at $44.47.