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Forex News: U.S. Dollar Off Highs But Still Firmly Positive

U.S. Dollar Off Highs But Still Firmly Positive After Strong Jobs Data

08/05/2022 - 16:31:00 (RTTNews)

(RTTNews) - After showing a strong move to the upside in morning trading on Friday, the U.S. dollar has given back some ground but remains firmly positive.

The U.S. dollar index is currently trading at 106.55, up 0.86 points or 0.8 percent, but off a high of 106.93.

The greenback is trading at 134.99 yen versus the 132.89 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0183 compared to yesterday's $1.0246.

The early advance by the dollar came after the Labor Department released a report showing employment in the U.S. jumped by much more than expected in the month of July.

The report showed non-farm payroll employment spiked by 528,000 jobs in July after surging by an upwardly revised 398,000 jobs in June.

Economists had expected employment to climb by about 250,000 jobs compared to the addition of 372,000 jobs originally reported for the previous month.

With the stronger than expected job growth, the unemployment rate unexpectedly edged down to 3.5 percent July from 3.6 percent in June. The unemployment rate was expected to remain unchanged.

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