Now, the key for Fed policy is inflation, not the labor market. The December CPI report is expected to show further acceleration, which could lead to more rate hikes this year.
The Canadian dollar rose about 0.7% after the pre-weekend jobs report, which was enough to offset most of its losses last week. The Australian dollar was the weakest of the major currencies in the first week of 2018, losing a little more than 1%. This includes the 0.35% bounce ahead of the weekend as the greenback pulled back broadly after disappointing jobs numbers.
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