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The U.S. dollar hit new highs on Friday after a strong U.S. jobs report. The greenback extended its gains against all of the major currencies with USD/JPY rising to its strongest level since June 2020 and EUR/USD falling to its weakest since November. Unlike prior days when there was less uniformity, all of the major currencies succumbed to the dollar’s rally. In fact, investors were bidding up the dollar before the number was released and when it came out, the gains accelerated as the labor market recovery reinforced Federal Reserve Chairman Powell’s optimism and the reflation trade. Stocks recovered from Thursday’s losses with further gains likely as the stimulus bill moves into final stages. Thanks to reopening of restaurants and bars, the U.S. economy is gaining momentum and heading into spring on solid footing. U.S. companies added 355K last month, nearly two times expectations but what’s even more remarkable was the upward revision to January’s report. Initially only 49K jobs were reported but U.S. companies added 166K jobs, for a total of 545,000 new jobs over the last 2 months. With more than two thirds of February job growth attributed to the food service industry, it is clear how […]
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