LONDON, March 12: The euro rose against the dollar on Monday as confidence in the US economy remained shaky, dealers said, while the yen strengthened and the pound was sold off as investors unwound their “carry trades.”

The euro rose to $1.3179 in late European trading, from $1.3112 late in New York on Friday. The single currency stood at 155.18 yen, from 155.11 on Friday.

The dollar stood at 117.75 yen, from 118.29 on Friday.

“The dollar is under selling pressure as the (US) jobs data on Friday is not as strong as the headline figure suggested,” since a decline in unemployment in February was caused by a fall in the participation rate, said Hans Redeker at BNP Paribas.

The dollar was buoyed on Friday by jobs and trade data seen as reducing the likelihood the US Federal Reserve might cut interest rates any time soon, dealers said.

Redeker also noted that jobs growth may even turn to negative in coming months.

The euro was changing hands at 1.3179 dollars, against $1.3112 on Friday, 155.18 yen (155.11), 0.6830 pounds (0.6786) and 1.6152 Swiss francs (1.6191).

The dollar stood at 117.75 yen (118.29) and 1.2255 Swiss francs (1.2347).—AFP