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Dollar set for gains on strong jobs data
The dollar rose on Friday after data showed a stronger-than-expected surge in U.S. jobs last month, boosting expectations that the Federal Reserve will pause its interest rate-cutting cycle at its policy meeting later this month.
The U.S. economy added 256,000 jobs in December, a Labor Department report showed, well above economists’ expectations for an increase of 160,000. The unemployment rate, meanwhile, fell to 4.1%, compared with expectations for 4.2%.
The dollar jumped 0.5% against the Japanese yen to 158.765 yen, while the euro fell to its lowest since November 2022 against the dollar. The euro zone’s single currency was last down 0.6% at $1.024.
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