US Dollar Ascends on the Back of a Robust Economy

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The US dollar continues to ascend due to the robust performance of the United States economy. The Non-Farm Employment Change reported a robust addition of 353K jobs, with the Unemployment Rate remaining steady at 3.7%. Average Hourly Earnings saw a higher-than-anticipated rise to 0.6%, signaling wage growth and potential inflationary pressures. Traders have re-evaluated their forecasts regarding future interest rates, leading to expectations of less aggressive rate cuts by the US Federal Reserve. The probability of a March rate cut has dwindled to just 15.5 percent. The US dollar's rise has also affected the commodity and currency markets, with the Dollar Index increasing by 0.05% to 104.019. The US dollar is trading at 148.54 yen and against the euro at 1.0745. The strengthening dollar has pulled gold to a five-day low and exerted renewed pressure on the Bank of Japan and the Australian dollar.

https://bnnbreaking.com/bnn-newsroom/us-dollar-ascends-on-the-back-of-a-robust-economy/