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Dollar boosted by robust US payrolls report

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King Dollar has powered higher against a basket of major currencies this afternoon following news that the United States added another 201,000 jobs to its economy in the month of August.

The robust NFP headline figure was complemented with highly encouraging wage numbers that showed wage growth rising at the fastest pace in 9 years in August. With the steady jobless rate of 3.9% adding icing to the pudding, sentiment is likely to remain firmly bullish towards the US economy. Today’s upbeat US payrolls reports will not only reinforce market expectations of a rate hike in September but also boost speculation of the Fed taking action again in December.

The Dollar Index has jumped higher with prices trading around 95.27 as of writing. A weekly close above 95.50 could inspire open a path towards 95.80 and 96.00, respectively.

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