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The US dollar (USD) marked an across-the-board rally on Friday, securing its highest daily gain against the Japanese yen (JPY) since mid-June.
This bullish breakout came after better-than-expected US job numbers, suggesting that the US Federal Reserve could continue its aggressive monetary tightening policy in the near term.
The US Dollar Index (DXY), which tracks the greenback’s performance against the top six currencies, posted a sharp recovery on Friday after the Labor Department reported that the US jobs market added 528,000 new jobs thwarting economists’ expectations. The DXY managed to recover to the 106.57 level, a one-week peak, but shed some of the gains before market close and ended at 106.57.
Commenting on what’s going on with the Fed following the positive data, Axel Merk, the president and chief investment officer at Merk Investment, noted:
“This is a much stronger report than was expected… What it means is the Fed cannot pivot at this point. The Federal Reserve has to continue to hike rates. The folks who are saying let’s take it more slowly are being shoved aside here with this report.”
Merk added that “the dollar is stronger against almost everything. The US is performing when the general mood is that the world is slowing down.”
US Dollar Up By 11% On Interest Rate Hike Expectations
The US Federal Reserve raised its interest rates by 75 basis points (bps) last week, signaling it could take its foot off the pedal for a few months due to slowing economic growth. The apex bank, which has raised its interest rate by 225 bps since March to curb rising rates, could continue its policy tightening now there are signs of positive economic growth. Meanwhile, the USD is up by 11% this year alone on expectations of more rate hikes.
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