Dollar Gains on a Strong US Jobs Report

The dollar index (DXY00) recovered from a 1.5-week low today and is up by +0.16%.  The dollar is rallying on today's better-than-expected US Jan payroll report, which pushed T-note yields higher and dampened speculation of additional Fed interest rate cuts.  The chance of a Fed rate cut at next month's FOMC meeting fell to 6% from 23% before the release of today's monthly payroll report.  Hawkish comments today from Kansas City Fed President Jeff Schmid also supported the dollar when he said the Fed should ...