The
dollar rose to a seven-year high versus the yen before economic data
this week that analysts predict will back the case for tighter U.S.
monetary policy as Japan and Europe push forward with stimulus.
The
greenback was 0.2 percent from its strongest in two years against the
euro before the European Central Bank meets tomorrow. Australias
currency slid after a report showed economic growth was lower than
forecast. New Zealands dollar weakened following a drop in milk prices
at an auction. Russias ruble and the Norwegian krone fell yesterday as
oil resumed a decline. Federal Reserve Vice Chairman Stanley Fischer
said yesterday low crude prices are a boon to the U.S. economy.
The
dollar was little changed at 119.29 yen at 9:58 a.m. in Tokyo from
yesterday, after reaching 119.34, the highest since August 2007. It
traded at $1.2387 from $1.2383 in New York. It touched $1.2358 on Nov.
7, the strongest since August 2012. The euro traded at 147.76 yen from
147.63.
The
U.S. currency has gained 9.6 percent in the past year, the best
performer among 10 developed-nation currencies tracked by Bloomberg
Correlation-Weighted Indexes. The euro fell 1.1 percent and the yen
dropped 7.3 percent, the biggest decline.
Source: Bloomberg
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