U.S. Dollar Drops As Upbeat Jobs Data Reduces Safe Haven Appeal

The value of the U.S. dollar has moved steadily lower over the course of trading on Friday following the release of the Labor Department's closely watched monthly jobs report. The U.S. dollar index is currently trading at 92.24, down by 0.36 points or 0.4 percent.

The greenback is trading at 111.01 yen versus the 111.53 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1866 compared to yesterday's $1.1850.

The drop in the value of the U.S. dollar comes as the Labor Department's report showed stronger than expected job growth, reducing the currency's safe haven appeal.

The report showed non-farm payroll employment spiked by 850,000 jobs in June after surging by an upwardly revised 583,000 jobs in May.

Economists had expected employment to jump by about 700,000 jobs compared to the addition of 559,000 jobs originally reported for the previous month.

Following the decrease in employment seen last December, the pace of job growth has bounced back to its highest level since last August.

Meanwhile, the Labor Department said the unemployment rate unexpectedly inched up to 5.9 percent in June from 5.8 percent in May. The unemployment rate was expected to edge down to 5.7 percent.

A separate report from the Commerce Department showed the U.S. trade deficit widened roughly in line with estimates in the month of May.

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