Strong U.S. employment statistics suggests the Federal Reserve will continue to tighten monetary policy, boosting the dollar.

On Thursday, the dollar gained ground as data showed rising labor costs and unemployment claims indicated the U.S. job market was still strong, both of which suggest the Federal Reserve needs to continue increasing interest rates to tame inflation.

As the market anticipates the Fed will increase rates further to curb rising consumer prices, the yield on two-year Treasury notes has soared to levels not seen since July 2007.

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