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Dollar Rises After Strong Jobs Data
(RTTNews) - The U.S. dollar climbed higher on Friday after data from the Labor Department showed stronger than expected job growth in the U.S. in September, raising hopes the Federal Reserve will continue to raise rates aggressively in the coming months.
The Labor Department's jobs data showed non-farm payroll employment jumped by 263,000 jobs in September after surging by an unrevised 315,000 jobs in August and spiking by an upwardly revised 537,000 jobs in July. Economists had expected employment to leap by 250,000 jobs.
The Labor Department also said the unemployment rate dipped to 3.5% in September from 3.7% in August, while economists expected the unemployment rate to come in unchanged.
The dollar index surged to 112.88, gaining about 0.55%.
Treasury yields also jumped, with the yield on the benchmark ten-year note moving higher for the third straight session.
Against the Euro, the dollar firmed to $0.9740.
The dollar firmed to $1.1093 against Pound Sterling.
Against the Japanese currency, the dollar strengthened to 145.32 yen from around 145.10.
The dollar dropped a bit against the Loonie, easing to C$1.3728 from C$1.3749. Data from Statistics Canada showed the Canadian economy added 21,100 jobs in September of 2022, slightly higher than expectations of 20,000 jobs gained and marking the first rise in employment since May.
The unemployment rate in Canada dropped to 5.2% in September from 5.4% in the previous month.
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