Dollar Hits Near Pre-Pivot Level as Job Data Roils Rate-Cut Bets
- Bloomberg greenback gauge closes out fifth week of gains
- Swaps traders slash odds that cuts will start in March
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The US dollar jumped the most in two weeks after the blowout jobs report, pushing the currency back near levels last seen before the Federal Reserve’s December pivot and wrong-footing traders betting on imminent interest-rate cuts.
The Bloomberg Dollar Spot Index rose as much as 0.8% after Friday’s employment data showed a January surge in payrolls alongside a boost in hourly wages, pushing bond yields up sharply. Against the yen, the greenback rose 1.5% to a session high of 148.58, the largest advance since Dec. 19.