US Dollar Strengthens as Job Growth Surpasses Expectations

Surge in March nonfarm payrolls and geopolitical tensions impact currency markets, leading to mixed signals on interest rate cuts.

The US dollar strengthened following a surprisingly strong US jobs report, with nonfarm payrolls increasing by 303,000 jobs in March.
Geopolitical tensions in the Middle East and comments from Federal Reserve officials influenced market sentiment, with mixed signals on potential interest rate cuts.
The yen reached a two-week high against the dollar amid safe-haven bids and concerns over currency weakness.
Investors adjusted their expectations for Federal Reserve rate cuts in 2024, now anticipating fewer cuts than previously expected.
Cryptocurrency values fluctuated, with Bitcoin experiencing a decline amid broader market uncertainties.