Jobs Report : Dollar pares gains after unemployment falls

january unemployment 2010

NEW YORK (MarketWatch) — The dollar pared some of the gains notched in the European trading session on Friday, though still traded near a seven-month high, after a report showed the U.S. unemployment rate unexpectedly fell last month.

The dollar index /quotes/comstock/11j!i:dxy0 (DXY 80.19, +0.28, +0.35%) , which tracks the greenback against a trade-weighted basket of six major currencies, stayed up at 80.193 from 79.882 in North American trading late Thursday.
The euro /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.37, -0.01, -0.52%) fell to as low as $1.3693, down from $1.3754 late Thursday.

The dollar rose 0.3% to buy 89.37 Japanese yen.

The dollar extended a rally in European and Asian trading hours that started Thursday amid heightening fears that the U.S. economic recovery wouldn’t be so strong and as credit risks in some European countries jumped, increasing demand for the relative safe haven of the U.S. currency.

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