Dollar Higher Against Yen, Euro
Thursday May 12, 12:31 am ET
Dollar Slightly Higher Against Yen and Euro in Asian Trading
TOKYO (AP) -- The dollar recovered slightly against the yen in Thursday morning trading in Asia after the United States reported a surprise narrowing in its trade deficit for March.
The dollar was trading at 106.13 yen late morning in Tokyo, up 0.55 yen from late Wednesday and above the 105.74 yen it bought in New York later that day.
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The euro dipped to $1.2794 Thursday morning from $1.2892 and to 135.80 yen from 136.08 yen.
The dollar advanced after the U.S. Commerce Department reported a much smaller-than-expected trade deficit in March, helping to ease come concerns about the U.S. economy.
According to the report, imports to the U.S. exceeded exports by $54.99 billion (euro42.7 billion), less than the $62 billion (euro48.1 billion) that economists had predicted and down from a record monthly deficit of $60.57 billion (euro47 billion) in February. That means fewer dollars in the hands of companies that export goods to the United States, increasing demand for dollars.
Worries about the ballooning U.S. trade deficit have weighed on the dollar in recent years, although that has come and gone as a market focus amid other factors that helped boost the dollar.
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