The US dollar index, which measures the greenback against a basket of currencies, sharply extended gains following the report, which showed non farm payrolls increased by 528 000 jobs last month, the largest gain since February.The dollar index, which remains below its mid-July high, was last up 0.8% at 106.57.
It was up about 0.2% just before the release of the US Labour Department’s employment report. The index was up about 0.6% for the week. “This is a much stronger report than was expected. … What it means is the Fed cannot pivot at this point. The Federal Reserve has to continue to hike rates. The folks who are saying let’s take it more slowly are being shoved aside here with this report,” said Axel Merk, president and chief investment officer at Merk Investment in Palo Alto, California.
“The dollar is stronger against almost everything. The US is performing when the general mood is that the world is slowing down.”For the week, the dollar was up 1.3% against the yen.The US central bank has raised that rate by 225 basis points since March, but investors had been assessing recently whether the Fed might be less aggressive in hiking rates in the future.Sterling was down 0.8% against the dollar at $1.
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Stocks climb with all eyes on US jobs dataUS employment data is expected to show nonfarm payrolls rose by 250,000 jobs in July
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