- The USD ended the week lower despite a stronger than expected U.S. jobs report for September, which suggested that the Federal Reserve is likely to raise interest rates again this year.
- Surging yields on U.S. Treasuries are adding strength to the USD.
- U.S. nonfarm payrolls increased by 336,000 last month, according to data released by the U.S. Labor Department on Friday, beating expectations of 170,000. Data for August was revised to show 227,000 were added, instead of the previous reading of 187,000.
- Average hourly earnings grew by 0.2% month-on-month, in line with August and below expectations of 0.3%. The unemployment rate remained unchanged at 3.8%, just slightly above expectations of 3.7%.
- The INR gained on Friday, paring the weekly loss as the RBI kept interest rates on hold for a fourth straight meeting, in line with expectations. However, the central bank did signal that it would keep interest rates high and liquidity tight to bring inflation back towards its 4% target.
- The S&P Global India Service PMI rose to 61 in the previous month, up from 60.1 in August, defying expectations of a decline to 59.5.
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