US dollar is heading higher today, gaining after the announcement of the latest job figures. With an unexpectedly high gain in jobs, the US economy appears to be on firm footing and many analysts are looking forward to more interest rate hikes.
The US economy added 292,000 jobs in December, according to a release from the United States Department of Labor. Analysts and economists had expected a gain of 215,000, so this was a pleasant surprise. Additionally, the numbers for November and October were revised upward.
As a result of this latest data, the US dollar is moving forward. Greenback has been doing reasonably well as a safe haven since the China disappointment earlier this week, but now it is getting more help from signs that the economy is growing sustainably.
The next question has to do with the pace at which the Federal Reserve will boost interest rates, and many expect to see more hikes soon in order to keep inflation from getting out of control.
At 14:29 GMT the US dollar index is up to 98.644 from the open at 98.367. EUR/USD is lower, dropping to 1.0872 from the open at 1.0935. GBP/USD is down as well, falling to 1.4566 from the open at 1.4622. USD/JPY is higher, moving up to 118.4060 from the open at 117.5650.
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