Asian shares eased and the dollar firmed on Tuesday as unexpectedly strong U.S. factory activity bolstered expectations the Federal Reserve will soon trim its stimulus, while the yen tumbled on speculation of further central bank easing.
The U.S. Institute for Supply Management’s index of national factory activity rose in November to its best showing since April 2011, while the pace of hiring also accelerated.
Friday’s nonfarm payrolls report is expected to provide further clues as to when the Fed will start reducing its monthly $85 billion bond purchases, a major driver of global asset markets in recent years.
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