Treasuries Extend Selloff as Fed Bets Boost Dollar; Gold Slumps
- Greenback caps longest rally against the yen since 2014
- Japanese, Australian index futures rise as payrolls loom
El-Erian: Fed Has Been Overly Data Dependent
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Treasuries posted their longest slide since April, while the dollar rose, amid mounting speculation the Federal Reserve will hike borrowing costs this year. Gold tumbled as oil rallied.
Traders pushed down the value of government debt for a fifth day after data showed further strengthening of the U.S. labor market ahead of a key jobs report. The dollar climbed against its major peers, posting the longest advance against the yen since 2014 and spurring a slump in gold. American equities erased a morning slide after a European Central Bank official said the institution is still in an “accommodative mode.” Oil topped $50 a barrel.