US Dollar climbs for fifth straight day after bumper NFP jobs report

• The US Dollar climbed after a bumper NFP print on Friday.
• US jobs additions soared in September, with upside revisions to previous months.
• Market hopes for a follow-up outsized rate cut in November were shattered by jobs growth.

The US Dollar (USD) Index (DXY) climbed into a fifth consecutive bullish day on Friday, driven higher by better-than-expected US Nonfarm Payrolls figures. A firm showing for US jobs gains and an easing in the US Unemployment Rate have hobbled market expectations for a repeat double-cut from the Federal Reserve (Fed) in November.

The US Unemployment Rate dropped back to 4.1% from the previous 4.2%, further reinforcing a healthier-than-expected landscape in the US labor market. In addition, several months’ worth of NFP releases saw healthy upside revisions. August’s previous NFP total was lifted by an additional 17K, while July’s figure rose sharply by 55K, bringing the total up to 144K.