"Inflation is stuck above target and risks are skewed to the upside. Economic activity is robust. We see little reason for additional easing."

The U.S. dollar rallied across the board on Friday after data showed the world's largest economy created more jobs than expected last month, reinforcing expectations that the Federal Reserve will pause its rate-cutting cycle at its policy meeting later this month.

The latest snapshot of the US labor market affirmed what Federal Reserve officials have made clear in recent days: Interest-rate cuts are on hold for the foreseeable future.