Dollar on course for third week in a row after U.S. jobs report

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Dollar on course for third week in a row after U.S. jobs report

NEW YORK- The dollar rose on Friday in thin trading, on pace for its third weekly gain, after data showed that the world's largest economy created more jobs than expected in March, suggesting it is on a steady path to recovery from the global pandemic.

Financial markets are closed in Britain, Singapore, Hong Kong, Europe and the United States in observance of Good Friday holiday.

Friday's data showed US nonfarm payrolls surged last month by 916,000 jobs, the biggest gain since last August. The February numbers were raised to show 468,000 jobs created instead of the previously reported 379,000. Economists polled by Reuters had forecast payrolls of 647,000 jobs increasing in March.

The important thing is that the employment trend is pointing in the right direction, said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

We 're not where we were before March last year. We 're still down 5.5% from our peak, but continue to make great progress, he added.

The Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked as the Planned- 19 stimulus of over$ 2 trillion and a Rapid COVID- 19- vaccine roll out spurred economic optimism as well as inflation fears.

The benchmark 10-year Treasury yields of the last session were 0.705%, up nearly 3 basis points from the previous session. US: In mid-morning trading, the dollar index was up at 92.959 in the last five weeks and posting gains in five of the previous six days.

It is headed for its third straight weekly rise; the dollar's rise to multi-month highs is likely to continue as more investors bet on economic recovery. The dollar was up slightly against the yen at 110.68 yen JPY EBS, not far from its strongest level in a year at just under 111 yen.

The dollar was quoted against the euro at$ 1.1777, near a five-month high.

The Swiss currency was little changed against the Euro at$ 0.94170 Swiss franc CHF EBS after losing 0.2% on Thursday.

The New Zealand dollar slipped 0.2% to US$ 0.7612 across the Tasman Sea, the Australian dollar was flat at US$ 0.7025.

In the cryptocurrency market, bitcoin briefly rose over$ 60,000 for the first time in two weeks but then pared gains to trade up 0.7% at$ 59,130.

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