Currency Buzz: Dollar Index Trying To Stabilize After Jump In Nonfarm Payrolls Data

7 Feb 2022 , 05:13 PM

The US dollar index is trying to stabilize after heavy losses last week. The dollar index, which measures the greenback against six major peers, tested a near two-week low near 95 mark last week, tumbling around 2%. Dollar gained a bit after this drubbing and currently quotes at 95.55, up marginally on the day. Traders are looking at the latest gain in job market and trying to assess how exactly does it shape out for the US interest rate environment in near term. The employment in the US increased by much more than expected in the month of January, according to a closely watched report released by the Labor Department on Friday. The Labor Department said employment jumped by 467,000 jobs in January compared to economist estimates for an increase of 150,000 jobs. The US jobs report showed the increase in employment in December was upwardly revised to 510,000 jobs compared to the previously reported 199,000 jobs. Labor Department said the unemployment rate inched up to 4% in January from 3.9% in December.

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