|10-05-2014, 03:23 PM||#1|
U.S. jobs report catapults U.S. dollar to its highest in four years
The U.S. dollar surged to its highest in over four years on Friday after data showed U.S. companies increased hiring in September and unemployment fell to its lowest in more than six years.
A 1.2% rise on Friday helped the dollar index notch its 11 th weekly gain in the last 12. The Dollar index was last at 86.67, after earlier hitting 86.74, the highest since June 10, 2010.
The Euro dipped below $1.25 after the jobs report before rising slightly. The EUR/USD was last down 1.23% at $1.25096.
The U.S. dollar climbed 1.33% against the Japanese yen at 109.839, near six-year highs hit on Wednesday. As of 12:35 p.m. ET (16:35 GMT)
Nonfarm payrolls added 248,000 jobs last month and the unemployment rate fell to 5.9%, the lowest since July 2008.
The U.S. dollar’s rise dragged down the British pound below the $1.60 mark for the first time since November and gold below $1,200 per ounce for the first time since December.
The long-running rally of the U.S. dollar is attributed to domestic economic strength in the U.S., together with weakness in overseas economies.
The strong jobs report only confirmed the ongoing momentum of the U.S. economy, and it is possible it would be a key factor for the Federal Reserve’s monetary policy timeline.
Also, the imminent interest rate increase by the Federal Reserve, amid contrasting directions in central banks in Europe and Asia is helping the dollar stand tall.
Stocks in Europe and Wall Street rose significantly, while U.S. Treasury yields, which move inversely to price gained.
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