The US Dollar Index (DXY) surged to 109.98, its highest since November 2022, as strong US labor market data for December boosted the odds of the Federal Reserve maintaining steady interest rates. The robust job report, showing a 256K rise in Nonfarm Payrolls (NFP) and a decrease in the unemployment rate to 4.1%, supported higher US Treasury bond yields, helping the Greenback gain strength.
Despite a slight dip in wage inflation, the data suggests that the Fed may continue its cautious approach to rate cuts, with a focus on inflation control.
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