April 07, 2007	Saturday	Rabi-ul-Awwal 18, 1428

NEW YORK, April 6: The dollar rose broadly on Friday, hitting a fresh five-week high against the yen, as a surprisingly strong US jobs report reinforced the view the Federal Reserve will not cut interest rates in the near term.

The solid March jobs report eased concerns about the weakening US housing market and signs of softness in US manufacturing.

Interest rate futures fell, with the implied prospects of a June rate cut by the Fed falling to 12 per cent from 20 per cent before the data was released.

Mid-afternoon in New York, the euro was down 0.4 per cent against the dollar at $1.3373. Against the yen, the dollar rose as high as 119.38 yen, the highest since Feb 27, before trading back down to 119.32.

The dollar was up 0.5 per cent against the Swiss franc at 1.2216 francs, while sterling slipped 0.3 per cent to $1.9649. Analysts, however, said the dollar's rally after the jobs data could be fleeting.

The next key event for the market will be the minutes of the Federal Open Market Committee’s March meeting, which are due on Wednesday.—Reuters