US dollar soars after job data release

The US dollar edged higher against a basket of major currencies on Friday’s trade after the release of US job data was seen sufficiently stronger to support the possibility of another interest rate hike from the Federal Reserve.

Traders initially took the release of US job data in a subdued manner and sold the dollar as non-farm payrolls increased by 1,56,000 last month, falling below the expectations of economists. A one-tenth of a percentage point uptick in the unemployment rate to 4.4% and tepid wage growth also briefly sent the dollar lower.

The dollar reversed its losses and pushed higher, however, with the euro down by 0.39% at USD 1.1862 after briefly hitting a session high of USD 1.1979. The dollar index, which measures the greenback against a basket of six major currencies, was last up just 0.17% at 92.83 after initially plunging 0.5%.

The dollar was last up 0.28% against the yen at 110.27 yen after slumping to a session low of 109.57 yen just after the jobs data.


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