Dollar jumps vs. rivals after February payrolls rise

The dollar strengthened against its main rivals Friday after data from the Labor Department showed the U.S. economy created more jobs in February than economists had expected. The dollar jumped to 114.10 yen after the data, up from 113.81 yen shortly before. The euro fell to $1.0927, from $1.0970 before. The pound fell to $1.4129, from $1.4145. The U.S. economy added 242,000 jobs in February according to the data, exceeding expectations for a gain of 198,000. Last month’s initial reading of 151,000 new jobs was also revised higher to 172,000. But the report did include one notable blemish: Average hourly wages, a key measure of inflation, declined by 0.1%. Economists had expected wages to rise by 0.2%.

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From:: Stock Market News

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