The FTSE 100 rose on Friday building on a two day rally which has seen the index rise through 7100.

The gains increased after the monthly US jobs report revealed the US economy added 250,000 jobs in October, smashing estimates of 190,000.

In a sign of increasing quality of jobs wages grew at the fastest pace since 2009. Wage growth increased to 3.1% in October up from 2.8% in September.

In an immediate market reaction, the dollar surged causing GBP/USD to drop beneath 1.3000 which in turn provided support for the FTSE 100.

The FTSE 100 jumped sharply touching 7197 before traders faded the initial rally.

The top riser on the FTSE 100 was Burberry who were 5% to the good as the luxury brand benefited form an easing in tensions between the US and China. Burberry have relied on China for growth in over the past five years and investors have punished the share price throughout the ongoing trade war between China and Donald Trump’s administration.

Standard Chartered were among the top risers as the bank also benefited from the easing in tensions and built on strong gains in previous sessions following the release of a 25% increase in pre-tax profits.

Bond proxy shares such as Imperial Brands, Severn Trent, SSE, and GlaxoSmithKline were the biggest fallers after the jobs report. US 10-year yields rose after the report making the prospect of holding equity for an income less attractive when compared to the safety of US bonds.