Markets mixed as traders focus on US jobs data

HONG KONG, Sept 2, 2022 — Asian markets were mixed today and the dollar held gains as rate hike expectations grew, with traders now focusing on a key US jobs report later in the day.

But analysts said the figures were a case of"good news in bad news" as they would give the US Federal Reserve more room to keep tightening monetary policy, with officials lining up to commit to beating inflation even if that causes a recession.OANDA's Edward Moya warned Fed officials could even start considering rising into 2023, with inflation data later this month becoming increasingly important.

Wall Street ended with a late rally, with the Dow and S&P 500 snapping a four-day retreat, though the Nasdaq extended its losing streak. The dollar also hit a record against the Philippine peso, increasing pressure for a rate hike by the country's central bank, which has signalled it wants to ease up on tightening.

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