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US Dollar Hits Near Pre-Pivot Level as Job Data Roils Rate-Cut Bets
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 0.7% 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 1.3% to 148.34, the largest intraday advance since Dec. 19. The dollar gained against all the Group-of-10 currencies, with the Norwegian krone, yen and New Zealand ... (full story)