The U.S. dollar showed a sharp rise after the release of jobs data at 8:30 am ET Friday

According to figures released Friday by the Labor Department, Job growth in the U.S. came in stronger than expected in the month of December, with the increase in jobs helping to drive the unemployment rate down to it’s lowest level in almost three years. According to the report, the economy added a net 200,000 new jobs for the month, with the addition of 212,000 private sector jobs more than offsetting a loss of government jobs.

1 EUR buys 0.82640 Pound sterling (GBP) – The reference exchange rates are published both by electronic market information providers and on the ECB’s website shortly after the concertation procedure has been completed. Reference rates are published according to the same calendar as the TARGET system. (After ECB*). STERLING extended its 15-month high against the euro yesterday, hitting 1.21 euro to the pound, as UK economic prospects brightened. The pound is seen as a safer bet than the euro because markets believe the UK is stronger than the eurozone. Read more at: Foreign currency exchange rates (check historical money charts and latest currency news from the European Central Bank).

European Central Bank

Four months after Standard & Poor’s stripped the U.S. of its AAA credit rating and said the world’s biggest economy was no longer the safest of borrowers, The government bonds have returned 4.4 percent, the dollar has gained 8.7 percent relative to a basket of currencies, and the S&P 500 Index of stocks has rallied 1.7 percent. Demand for American assets is increasing as consumer confidence, manufacturing and employment show the U.S. is strengthening as Europe struggles to save its currency union. Asian stocks fell after reports North Korean leader Kim Jong Il has died, extending earlier losses sparked by Fitch Ratings saying it may cut the credit ratings of European nations. Fitch cited the European Central Bank’s failure to act as a financial backstop as contributing to its decision last week. Fitch placed Spain, Italy, Belgium, Slovenia, Ireland and Cyprus on a “Rating Watch Negative” review.

Gold declined, extending the worst weekly loss since September, as concern that Europe’s sovereign-debt crisis may be worsening and the death of North Korean leader Kim Jong Il boosted the dollar. Oil dropped for a fourth day in New York as the death of North Korean leader Kim Jong Il prompted investors to sell equities and commodities.

The euro lost 2.5 percent against the U.S. dollar last week after the Brussels summit. The U.K.’s refusal to sign on to an EU-wide treaty change locking in new debt rules exposed divisions within the bloc and forced euro-region leaders to come up with a legal framework to patch together budget rules. The U.S. currency rose against the Sterling after a release of positive economic data fueled risk appetite. The British currency dipped in anticipation of this week’s U.S. reports, which are expected to be just as positive and provide further evidence for the Federal Reserve to keep from instituting further stimulus.

U.S. stocks closed higher for a fourth day in five on Friday. For the week, the Dow added 1.4%, the S&P 500 gained 0.9% and the Nasdaq Composite slid 0.3%. The Dow is up 5% for the year, while the S&P 500 has edged up 0.5% and the Nasdaq Composite has added 1%. European stocks have also climbed this past week as Italy’s Senate approved austerity measures, easing concern the country will need a bailout and U.S. consumer confidence rose in November more than economists had predicted.

Gold traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis. Oil traded near the highest level in more than three months as Japan reported its first economic growth in a year and Italy started building a new government that may help contain the European debt crisis.

The Euro increased sharply against the U.S. currency after Italy’s senate approved a bill addressing important austerity reforms. The British Pound increased against the U.S. Dollar as risk appetite reigned in the market once again. The Yen traded mixed on Friday and appreciated against the greenback. A hike in risk appetite following positive news from Italy led to the Yen’s weaker performance versus the Euro and the Pound Sterling.

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