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The dollar ended a stellar week in style on Friday, extending its best levels since last spring as the debt threat from the euro area continued to fuel risk aversion.
Concerns about sovereign debt in the euro area, particularly in Greece and Portugal, have driven investors to the relative safety of the dollar and yen. The euro has been hardest hit among currencies during the recent debt crisis, with the sterling also coming under significant pressure.
Stocks hit the skids this week, and today's closely watched US jobs numbers did little to inspire confidence that roadblocks to the global economic recovery will be overcome anytime soon.
A puzzling jobs report had traders scratching their heads for most of the day, trying to make sense of the latest clues on the condition of the weak US labor market.
The US economy shed an additional 20,000 jobs in January, with employment in the construction industry showing a notable decrease. However, the report also showed a surprise drop in the unemployment rate to 9.7%.
The dollar added to yesterday's huge gains versus the euro, rising to an 8-month peak of 1.3584. With the advance, the dollar has risen about 15 cents from November's 15-month lows near 1.5100.
One day after the Bank of England halted its asset purchase programme, the dollar rose to 1.5560 against the sterling, its highest level since May.
With commodities prices edging lower, the dollar rose further against the the resource-linked loonie, hitting C$1.0780.
While the buck continued to strengthen versus the other majors, the yen remains the most fashionable lower yielding play. On Friday, the buck stayed near yesterday's monthly low of 88.56.
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