Por Gertrude Chavez-Dreyfuss
NEW YORK, Apr 2 (Reuters) – The dollar rose on Friday on a slow day and was about to close its third weekly rise, after data showed that the world’s largest economy created more jobs than expected in March, suggesting that the recovery path from the pandemic is firm.
* Financial markets are closed in Australia, Singapore, Hong Kong, Great Britain, Europe and the United States for the Good Friday holiday.
* Data on Friday showed US nonfarm payrolls grew by 916,000 last month, the biggest increase since August. Data for February was revised up to show the creation of 468,000 jobs instead of the 379,000 previously reported.
* Economists polled by Reuters had forecast a rise of 647,000 jobs in March.
* “The bottom line is that the employment trend is pointing in the right direction,” said JJ Kinahan, chief market strategist at TD Ameritrade.
* “We are not where we were before March last year. We are still 5.5% below our high, but we continue to make great strides,” he added.
* Confidence in the dollar has improved in recent weeks and U.S. Treasury yields have skyrocketed as President Joe Biden’s government-planned stimulus of more than $ 2 trillion and the rapid roll-out of The COVID-19 vaccine fueled optimism about growth and fear of inflation.
* Yields on benchmark 10-year Treasuries were trading at 1.705%, up almost 3 basis points from the previous session.
* By midmorning, the dollar index was up 0.1% to 92.959, its fifth advance in the past six weeks and on the way to its third consecutive weekly gain.
* The dollar’s rise to multi-month highs is likely to continue as more investors bet on the economic recovery.
* The dollar was up slightly against the yen and stood at 110.68 yen, not far from its one-year high, just below 111 yen.
* Against the euro, the dollar was trading at $ 1.1777, close to its five-month high.
(Report by Gertrude Chavez-Dreyfuss in New York, Additional report by Stanley White in Tokyo, Edited in Spanish by Javier López de Lérida)