The dollar rises as payrolls surpass the forecasts

The Dollar Rises as Payrolls Surpass the Forecasts  

Earlier in the session, the greenback hit a fresh two-decade high against a basket of currencies, led by gains against the euro amid signs the eurozone economy will tip into recession. The dollar has hit consecutive 20-year peaks this week, gaining in five of the last six weeks.

The dollar index was last up 0.3% at 107.30.

Friday’s data showed that U.S. nonfarm payrolls increased by 372,000 jobs last month. Economists polled by Reuters had forecast 268,000 jobs added last month.

The Euro Is Dropping

Fed funds futures priced in a more than 90% chance of a 75-bps rate hike this month, with about 187 bps cumulative tightening by the end of the year. That was up from 181 bps late Thursday.

The focus was also on the euro, which was down around 3% against the dollar this week as investors worry about the economic impact of an energy crisis brought on by the uncertainty of gas supply from Russia. The euro slipped 0.2% to $1.0141.

Against the yen, the dollar gained 0.2% to 136.32 yen.

Safe-haven demand briefly lifted the yen on Friday after former Japanese Prime Minister Shinzo Abe was shot while campaigning for a parliamentary election. Abe, Japan’s longest-serving leader, died later on Friday.

Sending
User Review
0 (0 votes)

RELATED POSTS

Leave a Reply

tmn-img-28-1

Share this on

Facebook
Twitter
LinkedIn

Rec­om­mended for You