NEW YORK (Reuters) -The dollar rallied on Friday after data showed the world’s largest economy created more jobs than expected last month, reinforcing expectations that the Federal Reserve will pause its rate-cutting cycle at its policy meeting later this month.
A Labor Department report showed the U.S. economy added 256,000 jobs in December, much higher than economists’ forecasts for an increase of 160,000. The unemployment rate, meanwhile, dipped to 4.1%, compared with expectations of a 4.2% reading.
The dollar climbed 0.5% against the yen to 158.765 yen, while the euro dropped to its lowest since November 2022 versus the greenback. The single euro zone currency was last down 0.6% to $1.024
(Reporting by Gertrude Chavez-DreyfussEditing by Christina Fincher)
