Xinhua
03 Jun 2023, 03:00 GMT+10
NEW YORK, June 2 (Xinhua) -- The U.S. dollar strengthened Friday as the U.S. non-farm payrolls surged more than expected.
The dollar index, which measures the greenback against six major peers, rose 0.43 percent to 104.0065 in late trading.
Data released by the U.S. Department of Labor showed that the payrolls in the public and private sector increased by 339,000 in May, better than the market estimate of 190,000 and marking the 29th straight month of positive job growth.
Odds for a Federal Reserve interest rate hike in June also rose after the jobs report. Traders briefly priced in about a 38 percent chance of another hike of 25 basis points before the probability fell back to about 26 percent, according to CME Group data.
Markets reacted positively after the employment report, with the Dow Jones Industrial Average up more than 400 points in early trading.
Meanwhile, the U.S. dollar experienced two reversals, initially rising and then retracting all the gains after the release of the data. It subsequently rallied from its low point, gaining all the way back.
The U.S. dollar index is expected to see a dip in the short term in June and investors could use such a dip to position for another rally, according to a note by strategists with Bank of America Global Research on Friday.
In late New York trading, the euro fell to 1.0713 dollars from 1.0761 dollars in the previous session, and the British pound was down to 1.2453 dollars from 1.2526 U.S. dollars in the previous session.
The U.S. dollar bought 139.9190 Japanese yen, higher than 138.8330 Japanese yen of the previous session. The U.S. dollar was up to 0.9085 Swiss francs from 0.9060 Swiss francs, and it decreased to 1.3430 Canadian dollars from 1.3447 Canadian dollars. The U.S. dollar fell to 10.8007 Swedish Krona from 10.8163 Swedish Krona.
Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationBEIJING, China -- The Communist Party of China has launched a four-month campaign to urge its around 100 million members to bolster...
GENEVA, Switzerland: Japan's car industry is facing a multibillion-dollar blow as sweeping U.S. auto tariffs threaten its largest export...
MANILA, Philippines: A Philippine security official stated that acquiring F-16 fighter jets from the United States will not harm any...
Bodh Gaya (Bihar) [India], April 12 (ANI): Japanese Ambassador to India Keichi Ono, along with a high-level delegation, visited the...
Pune (Maharashtra) [India], April 11 (ANI): Vaidehi Chaudhary opened her Billie Jean King Cup 2025 Asia-Oceania Group 1 campaign with...
New Delhi [India], April 11 (ANI): Stressing deregulation to foster innovation, Lt Gen (retd) Raj Shukla, a member of the Union Public...
NEW YORK, New York - U.S, and global financial markets were in crisis Friday as China increased its tariffs on the U.S. to 125 percent,...
HAMBURG, Germany: Airbus is looking to expand in-flight connectivity options through a new satellite partnership with Amazon, as the...
BANGKOK, Thailand: Thailand is adjusting its trade strategy in response to unexpectedly steep U.S. tariffs, moving to soften the economic...
NEW YORK, New York - U.S. stocks fell sharply Thursday, wiping out much of the gains that came in the relief rally a day earlier after...
LOS ANGELES, California: Over the weekend, hundreds of Hollywood workers, including crew members, producers, and actors, asked California...
ATHENS, Greece: As Europe braces for the economic fallout of new U.S. tariffs, a top eurozone official has warned the consequences...