The dollar rose to within 0.1 percent of 120 yen, a level unseen since July 2007, as forecasts that the U.S. economy’s jobs growth maintained momentum contrasted with a recession in Japan.
The euro was near a two-year low reached yesterday before the European Central Bank meets today as investors speculated about the timing of additional stimulus. Australia’s dollar fell to a four-year low, extending its slide to a sixth day, after data yesterday showed the pace of economic growth unexpectedly slowed.
“It’s still the divergent-growth, divergent-policy story,” said Robert Sinche, a global strategist at Amherst Pierpont Securities LLC in Stamford, Connecticut. “We are seeing capital flows out of Japan, and I think that helps bring capital out and continues this movement down in the yen.”
The dollar rose 0.1 percent to 119.87 yen at 9:04 a.m. in Tokyo from yesterday, after earlier reaching a seven-year high of 119.90. The euro was little changed at $1.2312 after falling to $1.2301 yesterday, the lowest since August 2012. The single currency bought 147.60 yen from 147.48 in New York.
The Aussie fell 0.1 percent to 83.95 U.S. cents after dropping as low as 83.86, a level unseen since July 2010.
Source: Bloomberg (04 Dec 2014)
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