Friday was a good day for the U.S. dollar. Jumping to a seven month high, the greenback enjoyed a notable increase in value thanks to new job data. The job report indicated unemployment is now at 5%, the lowest economically viable rate. The U.S. has not seen such data since April of 2008, suggesting America is finally finding solid ground. For much of the year now, monetary policy conversation has swirled around a possible interest rate hike by the Fed. No one is certain of a rate increase in December, but the futures market indicates a 75% chance, while financial experts range from skeptical to near certain. I wrote earlier in the year that America should wait on the Fed rate, and the country was not yet on sure footing. New job data, especially in the face of global economic conditions, suggest we might finally be back on track. [more...]
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