Dollar suffers biggest drop in six weeks after US jobs report - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar was on track for its biggest daily percentage drop in six weeks on Friday on the heels of the December US jobs report that missed expectations,but it was still seen as strong enough to keep the Federal Reserve’s tightening path intact.

The dollar index fell 0.546% at 95.734, and was poised for its biggest drop since November 26, when concerns about the Omicron COVID-19 variant began to rattle markets.

The Labour Department said non farm payrolls rose by 199 000 last month, well short of the 400 000 estimate. “While the headline might have fallen short of the consensus, the consensus doesn’t matter much to the Fed. On Wall Street the benchmark S&P 500 was modestly lower, while the yield on the benchmark 10-year US Treasury note touched 1.80%, its highest since January 2020.

Sterling was poised for its third straight weekly gain against the dollar and was last trading at $1.3592, up 0.47% on the day, even after data showed growth in Britain’s construction sector cooled in December as the Omicron variant of coronavirus spread, nearly matching a two-month high reached on Wednesday.

 

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