NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted its march toward a record high on Friday, as better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill.
Big rallies in gold and the euro were also snapped.
The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package.
Gold slid 2%, after hitting a record high earlier in the week, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.
The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq,