Dollar falls on strong US jobs data

The dollar fell against the euro on Friday after stronger-than-expected US jobs data pushed traders to buy riskier currencies.

The Labour Department said that 163,000 jobs were added in July. Economists expected a rise of 100,000 jobs.

Paul Ashworth, chief economist at Capital Economics, wrote in a note to clients that the results helped "ease fears that the US economy is following Europe into recession."

Riskier currencies such as the euro tend to rise when investors think economic conditions are getting better.

The euro jumped to $1.2377 late Friday from $1.2176 late Thursday. The jobs data helped the euro recover its losses from a day before.

The euro fell sharply Thursday after European Central Bank President Mario Draghi disappointed investors by not offering concrete steps to support the euro.

In other trading, the British pound rose to $1.5645 from $1.5506. The dollar fell to 0.9710 Swiss franc from 0.9866 Swiss franc and to 99.96 Canadian cents from 1.0076 Canadian dollar.

The dollar rose to 78.59 Japanese yen from 78.25 yen.

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