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FOREX-Dollar jumps to seven week high on strong US jobs report

BY Reuters | ECONOMIC | 10/04/24 08:47 AM EDT

Oct 4 (Reuters) - The dollar jumped to a seven-week high on Friday after data showed that employers added more jobs than expected in September, leading traders to pare bets that the Federal Reserve will cut rates again by 50 basis points at its November meeting.

Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August. Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.

The unemployment also unexpectedly slipped to 4.1% from 4.2% in August.

The dollar index reached 102.54, the highest since August 16, and the euro slipped to $1.0965, the lowest since August 15.

The dollar gained to 148.495 yen, the highest since August 16.

(Reporting By Karen Brettell; Editing by Chizu Nomiyama)

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Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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