08:53 AM EDT, 06/07/2024 (MT Newswires) -- The US dollar rallied broadly against all major currencies during early North American trade on Friday, swinging back into the black in most pairs, after non-farm payrolls surged in May, crushing estimates, and average hourly earnings growth accelerated.

EUR/USD and GBP/USD swung from gains to losses when slumping to intraday lows around 1.2742 and 1.0835, respectively, while USD/JPY and USD/CAD rallied sharply to highs around 156.60 and 1.3725 following the non-farm payrolls report.

Payrolls rose 272,000 in May following a 165,000 increase in April, which was far ahead of the consensus for a 185,000 reading. Meanwhile, average hourly earnings growth rose to 0.4% from 0.2%, also ahead of the consensus for a 0.3% reading.

The unemployment rate, however, ticked higher to 4%, from 3.9% previously, when it had been expected to remain unchanged. The rate among Black Americans rose for 6.1% from 5.6%. It was 6.4% in March.

Major US dollar exchange rates swung back into the black across the G10 FX cohort and much of the broader G20 basket following the report, turning from modest losses to marked gains.

The US dollar made its biggest gains against the Australian and New Zealand dollars but were also notable in relation to low-yielders like the Japanese yen and Swiss franc.

Federal Funds rate futures fell following the release with the rate implied by the September contract rising four basis points to 5.25% and the level implied by the December contract climbed eight basis points to 5.03%.