TOKYO - Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.
The offshore yuan fell 0.3 per cent to 7.1352 to the dollar after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump. But a modest September increase in US jobs, announced on Friday, eased some of these concerns and lifted US markets that day. The US unemployment rate fell to 3.5 per cent in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected.
"The dollar is a little soft heading into US-China trade talks," said Yamada."I see some scope for yen gains, but it is not likely to be a big move higher." Spot gold, an asset often bought during times of uncertainty, rose 0.15 per cent to US$1,506.93 per ounce.
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