The dollar is hitting fresh 11-year highs and a strong jobs report could send it even higher

The dollar is at a new 11-year high just ahead of US jobs data, and a strong jobs number Friday could drive it even higher. The euro is currently trading at $1.10, the lowest for the single currency since 2004.

The latest US employment report is out at 1.30 p.m. GMT (8.30 a.m. ET). Here's how the trade-weighted dollar looks, in context:

FRED, Business Insider

Economists are expecting a strong jobs report, with a 240,000 increase in non-farm payroll jobs. That would mean the 12th straight month of job gains over 200,000 for the first time in more than 20 years.

That could be one of the latest arguments the Federal Reserve's policymakers have in favour of an interest rate hike this summer. San Francisco Fed president John Williams said on Thursday that he thought the US central bank should be seriously thinking about raising interest rates over the summer.

Higher interest rates typically mean a stronger currency, so keep an eye out for any rise or fall in the dollar if today's figure beats expectations or disappoints.