Early trade in New York: Dollar rises and on track for weekly gains against euro

The US dollar rose on Friday after data showed the world's largest economy lost fewer jobs than expected last month on fallout from the coronavirus pandemic.

The greenback was on track to post its largest weekly gain versus the euro in more than a month, although that was more related to the European single currency concerning the European Central Bank's asset purchases.

The dollar was also on track for its best weekly performance against the Swiss franc.

Friday's data showed US job losses in April hit 20.5 million, compared to expectations of 22 million. The unemployment rate was 14.7%, lower than the market forecast of 16%.

"This economic skid is so severe, does it really make much of a difference between a 20.5 million jobs lost and 22 million?" said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.

In mid-morning trading, the dollar rose 0.3% against the yen to 106.57 yen, while the euro was flat against the dollar to $1.0827. The dollar index, as a result, was up 0.1% at 99.824.