The dollar made headway against major currencies on Friday as the latest data showed the US economy created more jobs than expected while the unemployment rate fell to the lowest level in four years.

Total nonfarm payroll employment increased by 236,000 in February while the unemployment rate fell to 7.7%, the lowest level since 2008, according to government data.

The greenback rallied to the highest level in over three years against the Japanese yen on renewed hopes that the US economy is weathering tax hikes and government spending cuts.

Against the yen, the US currency rallied to ¥96.537, the highest level since August 2009.

The dollar index, which measures the greenback against a basket of six major rivals, jumped to an intra-day high of 82.900 before later trading at 82.750 compared to 82.090 on Thursday.

Meanwhile the euro fell against the dollar after Fitch Ratings cut Italy's sovereign credit rating to BBB-plus from A-minus. The ratings agency cited concern about last month's elections and a deeper than expected recession.

The single currency traded at $1.2999 from $1.3118 previously but rose against the yen.

Sterling fell to $1.4917 from $1.5014 on Thursday after the Bank of England (BoE)refrained from further easing to boost the UK economy and kept interest levels at their record low.




CJ

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