Dollar Rises Against Major Rivals On Strong Jobs Data

(RTTNews) - The U.S. dollar climbed higher against its major counterparts on Friday thanks to stronger-than-expected job growth in May.

Data from the Labor Department showed U.S. employment surged by much more than expected in the month of May.

The report showed non-farm employment soared by 339,000 jobs in May after spiking by an upwardly revised 294,000 jobs in April. Economists had expected employment to climb by 190,000 jobs compared to the jump of 253,000 jobs originally reported for the previous month.

The data also showed that the unemployment rate rose to 3.7% in May from 3.4% in April. The unemployment rate was expected to inch up to 3.5%.

The dollar index surged to 104.09, gaining more than 0.5%.

Against the Euro, the dollar firmed to 1.0708 from 1.0764. The dollar strengthened to 1.2452 against Pound Sterling, rising from 1.2527.

Against the Japanese currency, the dollar was up sharply at 139.97 yen, rising from 138.79 yen. Against the Aussie, the dollar eased to 0.6606 from 0.6571.

The dollar rose to CHF 0.9088 from 0.9056, and eased to C$ 1.3429 agaisnt the Loonie.