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Dollar Index: Weekly Analysis & Outlook

  • US jobs rise 150,000 in October, less than expected
  • US rate futures see no Fed rate hike in December
  • Dollar index on pace for largest one-day fall since July

The dollar fell to a six-week low on Friday after data showed the world’s largest economy created fewer jobs than expected last month, reinforcing expectations the Federal Reserve is likely to hold interest rates steady again at its December meeting. The dollar index, a gauge of the greenback’s value against six major currencies, dropped 1.1% to 105.03, after earlier sinking to 104.93, its lowest since Sept. 20. The index was on track for its largest one-day fall since July. For the week, the greenback was down 1.4%, on pace for its worst weekly performance since July as well. Data showed nonfarm payrolls increased by 150,000 jobs last month. The numbers for September were revised lower to show 297,000 jobs created instead of 336,000 as previously reported.

“From my view, the Fed rate hike cycle is over and this reaffirms the view that the Fed should not hike rates again,” said Ronald Temple, chief market strategist at Lazard in New York.

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