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Dollar Rises as Traders Look Through Jobs Report to Rate Outlook

  • Currency traders shrug off mixed labor-market report
  • Hedge funds have boosted bearish positions on greenback
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Analyzing the Data Behind the April Jobs Report

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The dollar advanced, posting its biggest weekly gain since November, as traders concluded a disappointing jobs report won’t alter the Federal Reserve’s path to higher interest rates.

The currency erased losses to climb versus most major peers after the release showed employers added fewer workers than forecast in April, even as average hourly earnings rose. Traders quickly pushed out expectations for rate increases, only to unwind some of those bets hours later, futures contracts show.