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The dollar jumped after February nonfarm payrolls rose 379,000, well above the 182,000 forecast by economists polled by Reuters. January payrolls were revised to a gain of 166,000, and the dollar index reached 92.201, its highest since November 25.
The data supported Federal Reserve officials' view that the rise in bond yields reflected an improving economic outlook.
A strong labor report strengthens the case for earlier Fed rate hikes, which lifts the dollar and pressures dollar-priced feed grains and meals. Stronger U.S. income growth also supports domestic demand for meat and dairy, which underpins feed demand.
financialpost.comReutersMar 5, 2021After 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% over 20.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Strong February payrolls (379k vs 182k expected) on March 5 pushed the dollar index to its highest since November, directly driving the 1-day move.
