Dollar hits 6-month peak vs yen, three-week high vs euro
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - The dollar climbed to a more than six-month peak against the yen and a three-week high versus the euro on Friday after data showed the U.S. economy created more jobs than expected last month.
The unemployment rate, however, ticked higher to 7.9 percent, in line with market expectations.
For October, U.S. employers added 171,000 jobs, well above the market consensus of 125,000. The government also said 84,000 more jobs were created in August and September than initially estimated.
For some analysts, though, merely beating consensus estimates for U.S. jobs would not be sufficient to turn things around for the labor market.
"New employment will have to double from here if it is to bring unemployment near ... 7.0 percent when people begin returning to the hunt for work," said Joseph Trevisani, chief market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
The dollar hit a high of 80.67 yen, its highest since April 27. It was last at 80.59, up 0.5 percent.
The euro, meanwhile, slid to $1.2846, its lowest since October 11. It last traded at $1.2864, down 0.6 percent.
The euro has also been weighed down by a Greek court ruling on Thursday indicating that pension reform demanded by foreign lenders may be unconstitutional. That raised concerns about Athens' ability to implement the austerity measures needed to secure bailout funds.
(Additional reporting by Nick Olivari; Editing by James Dalgleish)
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