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The dollar fell the most in six weeks after the US jobs report

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In Science and Space: The dollar of course dropped its biggest daily percentage drop in six weeks on Friday after the US December jobs report fell short of expectations, but is still seen as strong enough to maintain its trajectory. tightening by the Federal Reserve. The dollar index fell 0.546% to 95.734 and this was the steepest drop since November 26, when concerns about the COVID-19 Omicron variant began to stir the markets. Even with Friday’s weakness, the dollar is still trending slightly higher weekly, for the first time in three weeks. The Labor Department said nonfarm payrolls rose 199,000 last month, well below the 400,000 estimates.

For them, it might be. justify their hawkish tendencies,” said Brian Jacobsen, senior investment strategist at All spring Global Investments in Menomonee Falls, Wisconsin. “We’ll have to see how they go with their hawkish rhetoric, but the odds are growing for a rate hike in March or May and balance sheet flows starting at the end of the year. next year.” On Wall Street, the benchmark S&P 500 SPX> index was slightly lower, while the yield on 10-year US Treasuries hit 1.80%, the highest since January 2020.

But analysts noted that the report’s underlying data looked stronger, with unemployment falling to 3.9% from 4.1% expected while earnings rose 0.6%. , indicating tension in the active market. The report also raised expectations that the Fed would begin raising rates at its March meeting, with futures on the federal funds rate implying a 90% chance of a hike, up from 80% on Wednesday. Brian Jacobsen, the senior investment strategist at All spring Global, said: “While equities may have been below consensus, consensus doesn’t matter much to the Fed.

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The euro rose 0.62% to $1.1361 as it strengthened against the greenback on payrolls reports, after reacting little to data showing eurozone inflation hit 5% in December Eurozone policymakers said they expect inflation to gradually ease in 2022 and rate hikes are not necessary this year. The Japanese yen gained 0.22% against the greenback to 115.59 against the dollar. The yen bears the brunt of the damage as the greenback has recently strengthened, with the dollar hitting a five-year high against the yen earlier this week.

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