The U.S. Dollar Index surged on Friday, reaching a 7-week high as stronger-than-expected U.S. economic data reduced the likelihood of a 50-basis-point rate cut by the Federal Reserve at next month’s FOMC meeting.

Nonfarm payrolls and average hourly earnings came in higher than anticipated, both considered hawkish factors for Fed policy. The dollar was also supported by increased demand for safe-haven assets due to escalating conflicts in the Middle East.

U.S. nonfarm payrolls for September rose by 254,000, indicating a stronger labor market compared to the expected increase of 150,000 and marking the largest gain in six months. The September unemployment rate unexpectedly dropped to 4.1%, showing a stronger labor market than the forecasted steady rate of 4.2%.

Average hourly earnings for September increased by 0.4% month-on-month and 4% year-on-year, exceeding expectations of a 0.3% monthly increase and 3.8% annual growth.

December Silver Futures prices fell in the last session of last week. The settlement price on October 4 was $32.394 per troy ounce, down 0.22% from the previous session.

At the close of trading on October 4, January 2025 Platinum Futures settled at $1,001.7 per troy ounce, down 0.39% from the prior session.

December Copper Futures moved contrary to the metals group. The settlement price on October 4 was $4.574 per troy ounce, up 0.46% from the previous session.

Source: Compiled data