Upbeat jobs data lifts, shares, dollar

LONDON (Reuters) - Shares rose and the dollar hit a new 9-1/2 month high against the yen on Friday after key jobs data beat expectations, providing a further sign that the recovery of the world's biggest economy is becoming more sustainable.

The dollar extended gains against the yen and the euro as stronger-than-forecast February jobs data added to recent surveys highlighting the U.S. economy's underlying strength and suggesting there would be less need for further monetary stimulus from the Federal Reserve.

"This number confirms that U.S. employment continues on an upward trajectory, and it adds clout to those who are saying that QE3 is not the right option at this time," said Adam Button, currency analyst at Forexlive in Montreal.

"That said, there is some sentiment in the market that the unseasonably warm weather in February has skewed data across the board. We're seeing some U.S. dollar strength, and in stocks some further optimism about the economy, though that could be tempered by skepticism about weather-related effects."

U.S. employers added 227,000 jobs in February, non-farm payrolls data showed, marking a third straight month of solid growth and beating a Reuters poll forecast of 210,000.

U.S. stock index futures turned positive after the data, which marked the first time that U.S. payrolls had grown by more than 200,000 for three months in a row since early 2011. Job creation figures for January were revised higher while the unemployment rate held at a three-year low of 8.3 percent in February.

The dollar index <.dxy> extended gains and was up 0.7 percent by 1333 GMT.

The dollar hit a global session high of 82.29, its highest since last May, and last traded at 82.28, up 0.9 percent on the day, according to Reuters data. It was trading at 81.80 prior to the data.

The pace of recovery in the labor market is still too slow to do much to absorb the 23.8 million Americans who are either out of work or underemployed, but spurred risk appetite as it raised hopes that an improving U.S. economy will boost the global economic outlook.

Gold eased 0.4 percent to $1,692/39 an ounce as the dollar strengthened while safe-haven U.S. Treasuries and German Bund futures dipped.

Global stocks, as measured by the MSCI world equity index <.miwd00000pus> were up 0.2 percent while Europe's FTSEurofirst 300 <.fteu3> index of blue chip shares, which had been flat, rose 0.4 percent after the jobs data.

The euro extended losses against the dollar following the jobs figures, after succumbing to profit taking early on Friday after Greece as expected successfully closed a bond swap, averting the immediate risk of an unruly default.

(Editing by Catherine Evans)

Source: http://news.yahoo.com/greek-debt-hopes-buoy-shares-eyes-u-jobs-030101576.html

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