LONDON, Dec 5: The dollar gained against the euro on Friday despite worse-than-expected US jobs data as investors sought out the greenback as a safehaven amid fears of a deepening global recession.

The dollar initially fell sharply after the US Labour Department said employers slashed 533,000 jobs in November, sending the unemployment rate to a 15-year high of 6.7 per cent.

Sharp upward revisions to previous months were equally bad. October saw a loss of 403,000 jobs, up from the initial estimate of 240,000, and September 320,000, up from 284,000, it said.

In late European trading, the European single currency eased to 1.2654 dollars from 1.2776 dollars late in New York on Thursday.

Against the Japanese currency, the dollar was stable at 92.21 yen from 92.20 yen.

In late London trade on Friday, the euro changed hands at 1.2654 dollars against 1.2776 dollars late on Thursday, at 116.63 yen (117.81), 0.8667 pounds (0.8705) and 1.5486 Swiss francs (1.5275).

The dollar stood at 92.21 yen (92.20) and 1.2244 Swiss francs (1.1955).

The pound was at 1.4593 dollars (1.4672).

On the London Bullion Market, the price of gold fell to 749 dollars an ounce from 773.25 dollars late on Thursday.—AFP