Job News Carries Dollar To Heights

The dollar rose against the Japanese yen and other major currencies Friday on word that U.S. job creation in June was stronger than Wall Street had expected, reinforcing expectations of rising American interest rates.

The majority of trading ended by early afternoon and volume was light, as most market participants either took the day off following the July 4 holiday or left early.

Nevertheless, the day’s action was enough to push the dollar to another in a series of recent closing highs to reach levels last seen in January 1994. Late in the afternoon, the dollar stood at 110.85 yen, up from 110.40 late Wednesday.