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By Bloomberg

The Australian dollar surged after stronger- than-estimated jobs data, leading gains against the U.S. currency amid receding prospects for early Federal Reserve interest rate increases. Gold rose and energy shares jumped after oil in New York climbed to a 2015 high.

The Aussie strengthened 1 percent by 12:50 p.m. in Tokyo, helping drag the Bloomberg Dollar Spot Index 0.2 percent lower. The euro added 0.2 percent and South Korea’s won climbed 0.8 percent. Gold rose 0.1 percent, while tin advanced 1.3 percent. A gauge of Asian energy companies jumped 2.7 percent after U.S. oil surged Wednesday. Chinese shares increased and U.S. equity- index futures were little changed.

Bets on Fed rate increases have been pushed back amid signs the U.S. economy is struggling to overcome the stronger dollar and slumping oil. Australia added 37,700 jobs in March, more than twice the median estimate of economists surveyed by Bloomberg. China must focus on boosting competitiveness and spurring domestic demand, rather than devaluing its currency to encourage growth, Premier Li Keqiang told the Financial Times in an interview.

The Australian “job numbers could reduce the pressure for the RBA to cut rates next month,” and that is pushing the Aussie higher, said Roy Teo, a strategist at ABN Amro Group NV in Singapore. “The U.S. industrial number overnight was a catalyst for weakness in the U.S. dollar across the board.”

Disappointing Data

As well as the industrial production data, a Fed index of manufacturing in the New York region unexpectedly fell Wednesday, fueling concern that recent disappointments in reports on hiring and retail sales indicate signs of a slowdown that can be attributed to something deeper than just harsh winter weather in the U.S.

The Bloomberg dollar index, which tracks the greenback against 10 major peers, brought its three-day retreat to 1.4 percent. The euro rose to $1.0704, while the Korean won advanced to 1,088.34 per dollar and Malaysia’s ringgit jumped 1.4 percent. The Aussie bought 77.59 U.S. cents.

U.S. bond yields have also dropped as weaker-than-estimated economic reports have led to a reassessment of when rates may rise. The rate on two-year Treasuries retreated more than 20 basis points since March 6 to be 0.496 percent on Wednesday in New York, the lowest closing level in more than two months. Similar Japanese bonds pay 0.5 basis point and German two-year bunds offer minus 0.27 percent.

The Fed probably won’t move to raise rates until December, according to a Morgan Stanley index. A month ago, traders were pricing in the chance of an increase in September, the gauge showed.

BHP Jumps

The MSCI Asia Pacific Index advanced 0.7 percent, led by gains in energy and materials shares. The Kospi index in Seoul climbed a fifth day, adding 0.6 percent to be headed for its highest close since August 2011. Australia’s S&P/ASX 200 Index jumped 0.7 percent as BHP Billiton Ltd. advanced 2.2 percent.

The Hang Seng China Enterprises Index climbed 0.4 percent and China’s Shanghai Composite Index surged 2 percent. The central bank will inject more cash into banks, cut the amount of reserves lenders must keep, reduce interest rates, and steer money market levels lower, according to banks including Macquarie Group Ltd., HSBC Holdings Plc, and Nomura Holdings Inc.

The gauge tracking mainland Chinese shares listed in Hong Kong surged 17 percent this month through Wednesday, the best performance among global primary indexes after the dollar- denominated Russian RTS Index, which is up 20 percent.

Commodity Markets

Gold for immediate delivery climbed a second day, increasing to $1,203.65 an ounce. Silver rose 0.4 percent. Tin in London rebounded from the lowest in more than four years before housing data in the U.S., the second-biggest metals user, and as Indonesia, the world’s biggest shipper, seeks to curb illegal exports.

West Texas Intermediate crude has advanced 12 percent the past five days, amid speculation the shale boom that fueled the biggest supply glut since 1930 is easing. U.S. crude stockpiles rose last week at the slowest pace since January, climbing by 1.29 million barrels to 483.7 million, the Energy Information Administration said Wednesday.

Netflix Inc. jumped 12 percent in after-hours U.S. trading, rising to $530.78 after closing at $475.46. The company, which has been one of the biggest contributors to the Nasdaq Composite Index’s gains this year with a 39 percent climb, said subscribers to its video-streaming service topped 62 million globally in the first quarter as original shows such as “House of Cards” lured viewers.