The dollar climbed against the the euro on Friday, after the key monthly gauge of U.S. employment showed a labor market that was stronger than expectations raising the likelihood of an interest rate hike. The May U.S. jobs report showed a gain of of 248,000 non-farm payrolls jobs, overshooting economists forecasts for a gain of 216,000. The jobless rate in May was 5.6 percent, unchanged from April. Early morning in New York, the euro initially fell to session lows around $1.2142 from about $1.2200 shortly prior to the report's release according to data, Against the yen the dollar rose to session highs around 111.98 yen, up from about 111.33 yen shortly prior to the report. The degree of recovery in the U.S. labor market is a key factor that investors are assessing in trying to gauge the speed and magnitude of potential Federal Reserve rate hikes. U.S. rate increases would push up the yields of U.S. assets, likely burnishing their allure for foreign investors and supporting the dollar.///www.s.com