US dollar bounces back as strong jobs data backs Fed rate-cut pause

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US dollar bounces back as strong jobs data backs Fed rate-cut pause - Channel News Asia

Quick Summary:

NEW YORK :The U.S.dollar rallied across the board on Friday after data showed the world's largest economy created more jobs than expected last month, reinforcing expectations that the Federal Reserve will pause its rate-cutting cycle at its policy meeting later this month.

The dollar index , meanwhile, advanced to its highest since November 2022, and was on track for a sixth consecutive weekly gain.

Following the nonfarm payrolls number, the U.S.rate futures market has fully priced in a pause in the Fed's easing cycle at the January meeting, according to LSEG estimates.