Dollar Soars on Strong U.S. Jobs Report, Hits Seven-Week High

The U.S. dollar surged to a seven-week high following stronger-than-expected September jobs data, prompting traders to re-evaluate Federal Reserve rate cut bets. The robust payroll report lessened the likelihood of a 50-basis-point cut, impacting global currency markets and lifting the dollar's performance against the yen.

The U.S. dollar witnessed a remarkable surge on Friday, reaching a seven-week high, following a robust jobs report for September. This development led traders to recalibrate their assumptions about the Federal Reserve's rate cut strategy.

In a notable currency market movement, the dollar marked its best weekly performance against the Japanese yen since 2009. Positive U.S. economic data and comments from Federal Reserve Chair Jerome Powell dissuaded expectations of a substantial rate cut, significantly altering market dynamics.

Tensions in the Middle East, coupled with safe-haven demand, further bolstered the dollar. Meanwhile, global currency trends saw shifts, with the euro and the pound experiencing drops, while bitcoin enjoyed a rise in the cryptocurrency market.

(With inputs from agencies.)