U.S. nonfarm payrolls rose 165,000 in October vs 65,000 expected; unemployment
fell to 4.1%. Strong jobs data lifted the probability of a 25bp Fed hike in
December to near 80%. The dollar index climbed 0.71% to 102.31, its biggest
one-day move since June 17; the dollar strengthened about 0.72% vs the euro,
0.74% vs the pound and 0.5% vs the yen. U.S. Treasury yields rose, with the
10-year at 4.85% and the 2-year at 4.52%. Fed officials Williams, Musalem and
Daly said inflationary pressure remains, and Daly said the Fed may still need to
raise rates further.