Dollar Rises Versus Yen as U.S. Prospects Back Case for Tapering
21 Jan 2014
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Bloomberg (21/01) — The dollar rose against the yen, ending a three-day drop, as signs of U.S. economic growth backed the case for the Federal Reserve to pare stimulus.
The Bloomberg Dollar Spot Index gained for a sixth day before the Federal Open Market Committee meets Jan. 28-29. The euro halted a four-day slide versus the yen before data forecast to show the outlook for business confidence in Germany, Europe’s largest economy, climbed to the highest level in almost eight years. New Zealand’s dollar remained higher after the nation’s inflation accelerated more than economists forecast, supporting the view that the Reserve Bank will tighten policy.
The dollar added 0.5 percent to 104.65 yen at 12:06 p.m. in Tokyo from yesterday, after falling 0.4 percent in the past three sessions. The greenback was little changed at $1.3551 per euro. The 18-nation currency rose 0.4 percent to 141.71 yen from yesterday, when it touched 140.33, the lowest since Dec. 6.
New Zealand dollar added 0.1 percent to 83.36 U.S. cents from yesterday, when it jumped 0.9 percent.
The Bloomberg Dollar Spot Index advanced 0.1 percent to 1,034.08, headed for its longest winning streak since Nov. 1.