Dollar Rallies Most in 3 Months as Jobs Boost Tightening Outlook

07/02/2015 07:05 AST

The dollar rallied the most in three months as robust U.S. employment and wage growth reignited speculation the Federal Reserve may increase interest rates as early as June. The U.S. currency rose against most of its major peers as the U.S. added more jobs than forecast in January, capping the biggest three-month gain in 17 years. Signs of accelerating economic growth led futures markets to price in an earlier Fed borrowing-cost increase, while policy makers in Europe and Japan carry out unprecedented monetary stimulus to boost flagging growth and inflation.

“It’s a massive number,” Matt Derr, a foreign-exchange strategist in New York at Credit Suisse Group AG, said by e-mail. “It should start to remove some doubt that the U.S. can tighten in mid-2015.”

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, added 1 percent to 1,166.02 as of 5:00 p.m. in New York. It gained the most since Oct. 31 and is close to the highest level in data going back to 2004.

U.S. employers hired 257,000 workers in January, compared with the median estimate of 228,000 in a Bloomberg News survey of economists. The increase followed a 329,000 gain in December that was bigger than previously reported.


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