Key Points
NEW YORK (Reuters) The U.S. dollar index jumped to a seven-week high on Friday after data showed that employers added far more jobs in January than expected, reducing the chances of near-term Federal Reserve interest rate cuts...
The dollar had weakened in recent days in line with falling Treasury yields, even after Fed Chair Jerome Powell on Wednesday said that a March rate cut was unlikely..
But the move in bonds and the dollar in large part also reflect repositioning, following a strong January for the greenback and higher Treasury yields during the month...
After a big move in most of January, I would say there was some position adjusting, said Chandler, adding that, following Fridays jobs data, Im looking for a firmer dollar tone...
The British currency had gained on Thursday after the Bank of England kept interest rates at a nearly 16-year high on Thursday but opened up the possibility of cutting them as inflation falls...
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