U.S. August job growth far exceeded expectations, U.S. Dollar Index rises to 99.932

The highly anticipated US employment data showed that new jobs added in August far exceeded expectations, causing the US dollar to surge significantly. This has increased expectations that the Federal Reserve may raise interest rates in the coming months, possibly as early as this month. The US dollar index (DXY) rose to an intraday high of 99.932, up 0.5% for the day, compared to about 99.035 before the data release. According to LSEG data, the euro fell to $1.1583 against the dollar, compared to about $1.1623 before the data release.