Dollar Strengthens as U.S. Jobs Data Back Fed Taper Speculation
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The dollar strengthened against the euro after a report showed U.S. employment growth was higher than forecast last month, sustaining speculation the Federal Reserve is moving toward reducing its monetary-stimulus program.
The U.S. currency gained versus a majority of its most-traded peers as a Labor Department report showed employers in added 175,000 jobs in May and the unemployment rate rose to 7.6 percent as the labor force expanded. The yen increased earlier after Finance Minister Taro Aso said he had no immediate intention to weaken Japan’s currency.