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Dollar gains on strong U.S. jobs data
The dollar rose significantly following the release of the U.S. labor market data for August, which showed the addition of 162,000 jobs, surpassing economists' forecasts of 56,000 jobs. This comes after an unexpected decline of 23,000 jobs in July. The unemployment rate remained steady at 4.1%. As a result, the dollar index increased by 0.37% to reach 99.33, while the euro fell by 0.28% to $1.1592, and the Japanese yen declined by 0.41% to 156.45 against the dollar. The data reflects a stable labor market, which may prompt the Federal Reserve to review its stance on interest rate hikes, focusing on upcoming inflation data set for next week to make its next decision.
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