The dollar pared a fifth straight weekly retreat while most Asian stocks rose, tracking U.S. shares. Bonds followed gains in the U.S. and Europe, while oil headed toward its longest rising streak in 32 years.
The Bloomberg Dollar Spot Index trimmed its drop since May 8 to 1.1 percent by 11:15 a.m. in Tokyo. The MSCI Asia Pacific Index was little changed, with nine shares gaining for every seven that fell. The Shanghai Composite Index pared its advance since China cut interest rates this week to less than 3 percent. Standard & Poor’s 500 Index futures were little changed after an all-time high. Australian and Japanese bond yields fell. U.S. crude dropped, trimming its ninth straight weekly advance.
With disappointing economic data damping the outlook for higher U.S. interest rates, the weaker dollar buoyed the outlook for U.S. exporters and drove the S&P 500’s first increase this week. Bond markets took a breather from the selloff that has erased more than $400 billion in value the past three weeks, unsettling equities. Central bank chiefs in Japan and South Korea will speak Friday.
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