The dollar is flying after the jobs report

The dollar gained sharply on Friday after the July jobs report showed that hiring in the US was stronger than forecast.

The dollar index, which measures the greenback against a basket of other G-1o currencies, is up 0.91% to 93.64 at 10:15 a.m. ET.

US employers added 209,000 jobs on net, while the unemployment rate returned to a 16-year low of 4.3%, according to the Labour Department’s report.

The greenback has fallen nearly 8% since inauguration day in January as President Donald Trump’s agenda to reform healthcare and tax policy stalled. Also, economic growth has picked up globally.

Still, the weaker dollar has been a boost for the profits of US companies that sell products internationally. Second-quarter earnings for S&P 500 companies are on track for a second-straight period of growth, according to FactSet.

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