SAWT BEIRUT INTERNATIONAL

| 14 June 2024, Friday |

US dollar advances after blowout payrolls number

 The dollar gained on Friday after a blockbuster U.S. jobs report for September that suggested the Federal Reserve is likely to raise interest rates again this year.

Data showed U.S. nonfarm payrolls increased by 336,000 jobs last month. The numbers for August were revised higher to show 227,000 jobs added instead of the previously reported 187,000. Economists polled by Reuters had forecast September payrolls rising by 170,000 jobs.

The dollar index rose 0.6% to 106.96 . Against the yen, the greenback gained 0.7% to 149.46 .

“Today’s monstrous payrolls print and the upwards revision to the August numbers once again highlights the difficulty in shorting the dollar in this macro environment,” said Simon Harvey, head of FX analysis at Monex Europe in London.

“If it isn’t risk conditions taking a beating from a sell-off in Treasuries, its the U.S. exceptionalism narrative supporting the dollar.”

    Source:
  • Reuters