USD at 6-months high after jobs report

 

The dollar rallied to six-month highs against the other major currencies on Friday, after the release of strong U.S. employment data added to expectations for a December rate hike by the Federal Reserve.

The dollar rallied against the euro, with EUR/USD down 1.32% at six-month lows of 1.0738.

The U.S. Labor Department said the economy added 271.000 jobs last month, exceeding expectations for a 180.000 rise. The U.S. economy added 137.000 jobs in September, whose figure was revised from a previously estimated increase of 142.000.

The U.S. unemployment rate ticked down to 5.0% in October from 5.1% the previous month. Analysts had expected the unemployment rate to remain unchanged last month.

The report also showed that average hourly earnings rose 0.4% last month, more than the expected 0.2% gain, after a flat reading in September.

The strong data added to expectations for the U.S. to raise interest rates after Fed Chair Janet Yellen said on Wednesday that a December rate hike is a "live possibility," depending on economic data.

 

 

 

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