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September and October 2023 Global Currencies Recap: Dollar Strength Continues
The US continues to outlast its peers, whose economies are already feeling the brunt of elevated interest rates.
By EA Aguirre
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After its bounce back in August, the US dollar continued to make more notable gains in September. Full attention was on the US labor market early in the month after non-farm payrolls (NFP) reported 187,000 new jobs in August vs. a forecast of 170,000.
The Job Openings and Labor Turnover Survey (JOLTS) reported 9.61 million job openings in August versus 8.92 million in July as the demand to fill open positions remained strong. Initial claims for unemployment insurance also decreased from 216,000 claims early in September to 204,000 claims by the end of the month, further cementing confidence in the labor market.
Inflation data would also point towards extended elevated interest rates after the August consumer price index (CPI) grew by 3.7% year-on-year vs. a forecast of 3.6%. Although the F