The dollar rose to a six-week high against the yen as U.S. employment gains exceeded forecasts, boosting speculation that the Federal Reserve will continue to pare monetary stimulus that’s seen as debasing the currency.
The U.S. currency rallied as the Labor Department reported employers added 175,000 jobs in February, compared with the median estimate of 149,000 in a Bloomberg survey of economists. Canada’s dollar declined versus the majority of its most-traded counterparts after employers unexpectedly eliminated jobs last month. The euro reached the highest level in more than two years versus the dollar as bets on further European Central Bank stimulus waned, boosting demand for the 18-nation currency.
The dollar gained 0.3 percent to 103.33 yen at 1:26 p.m. in New York, reaching the strongest level since Jan. 23. The euro added 0.1 percent to $1.3875 after touching $1.3915, the highest level since Oct. 31, 2011. The shared currency gained 0.4 percent to 143.36 yen.
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