US May jobs beat expectations and the unemployment rate held steady, lifting the
dollar as US‑Iran peace talks stalled and Middle East-driven energy prices
remain elevated. The dollar index looked set for its biggest daily gain since
April 8 and was up 0.6% on the week, the largest weekly rise in three months.
The stronger jobs data reinforced market expectations for Fed rate hikes.
CITIGROUP Capital Markets strategist Noah Buffam said this creates a favorable
environment for dollar appreciation and that the data suggest US exceptionalism
has held up, with the economy rebounding despite inflation above target.
