U.S. dollar jumps amid upbeat jobs report

Xinhua
06 Aug 2022, 06:18 GMT+10

NEW YORK, Aug. 5 (Xinhua) -- The U.S. dollar appreciated noticeably in late trading on Friday as market participants parsed the newly released monthly U.S. employment data.

The dollar index, which measures the greenback against six major peers, jumped 0.88 percent to 106.6190.

In late New York trading, the euro was down to 1.0178 U.S. dollars from 1.0252 dollars in the previous session, and the British pound fell to 1.2067 dollars from 1.2174 U.S. dollars in the previous session. The Australian dollar fell to 0.6912 U.S. dollar from 0.6981 dollar.

The U.S. dollar bought 135.06 Japanese yen, higher than 132.91 Japanese yen of the previous session. The U.S. dollar rose to 0.9618 Swiss franc from 0.9546 Swiss franc, and it rose to 1.2935 Canadian dollars from 1.2851 Canadian dollars.

The U.S. Labor Department reported Friday that U.S. employers added 528,000 new jobs in July, beating market expectations. The unemployment rate edged down to 3.5 percent, lower than economists' estimate of 3.6 percent.

The report was likely to bolster the Federal Reserve's resolve to "act aggressively in September," Chris Low, chief economist at FHN Financial, said Friday in a note.

"From a monetary policy perspective, strong job growth on top of too-high inflation is plenty of reason to keep tightening policy," he said.

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