Nonfarm Payrolls in the US rose by 261,000 in October, the data published by the US Bureau of Labor Statistics revealed on Friday. This reading came in much higher than the market expectation of 200,000. Additionally, September's reading got revised higher to 315,000 from 263,000.

Further details of the publication revealed that the Unemployment Rate edged higher to 3.7% from 3.5% and the annual wage inflation, as measured by the Average Hourly Earnings, declined to 4.7% from 5%. Finally, the Labor Force Participation Rate inched lower to 62.2% from 62.3%.

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Market reaction

With the immediate reaction, the US Dollar Index erased a portion of its daily losses and was last seen trading at 112.55, where it was down 0.37% on a daily basis.