Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, on March 22, 2023. Issei Kato/Reuters

LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation.

Markets are now focused on U.S. jobs data due 0830 EST (1230 GMT), the most significant macro economic release of the week, for more cues on the Federal Reserve’s rate hike path.