The dollar rose on data of the growth of wages in the US

In November, fewer jobs were created in the US labor market than expected, while the unemployment rate rose slightly. However, a significant positive for the market was the news of unexpectedly strong growth in average hourly wages. Against this background, the US dollar continued to strengthen against world currencies.

The US unemployment rate rose to 4.7% from 4.6% recorded in the previous month, as predicted by the forecast.
Meanwhile, average hourly wages rose in December by 0.4% after falling by 0.1% a month earlier. Analysts expected an increase by only 0.3%. As a result, the annual rate rose by 2.9% from 2.5% in November. The dynamics of growth of wages is closely monitored by the Federal Reserve, as an indirect indicator of inflation and evidence of improvement in the labor market.

USD index, which tracks the greenback against a basket of six major currencies, rose by 0.6% to reach 102, compared with 101.67 at the time of the release of data.