The dollar rallied across the board on Friday, notching its biggest daily percentage gain since mid-June against the yen, after a stronger-than-expected US payrolls report suggested the Federal Reserve may need to continue aggressively raising interest rates in the near term. The US dollar index , which measures the greenback against a basket of currencies, sharply extended gains following the report, which showed non-farm payrolls increased by 528,000 jobs last month, the largest gain since February. That was well above economists’ expectations. The dollar index, which remains below its mid-July high, was last up 0.8% at 106.57. It was up about 0.2% just before the release of the US Labour Department’s employment report. The index was up about 0.6% for the week.
Published in The Express Tribune, August 7th, 2022.
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