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Barchart
Rich Asplund

Dollar Finishes Slightly Higher as Bond Yields Climb on Strong U.S. Payrolls

US Federal Reserve United States ECB Interest Rates

The dollar index (DXY00) on Friday increased slightly by +0.03%.  The dollar Friday was whipsawed in volatile trade.  The dollar climbed to a 3-week high Friday morning after the stronger-than-expected U.S. Dec payrolls report dampened expectations that the Fed would soon cut interest rates.  However, the dollar gave up its advance and turned lower mid-morning after the U.S. Dec ISM services index weakened more than expected.  T-note yields then rose into the close on Friday, helping the dollar recover its losses to settle slightly higher.  Weakness in stocks on Friday also boosted liquidity demand for the dollar.

U.S. Dec nonfarm payrolls rose +216,000, stronger than expectations of +175,000.  Also, the Dec unemployment rate was unchanged at 3.7%, stronger than expectations of an increase to 3.8%.

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