U.S. Dollar Higher Against Yen, Euro
Friday May 13, 12:23 am ET
Dollar Higher Against Yen, Euro in Asian Trading After Report Boosts Optimism in U.S. Economy
TOKYO (AP) -- The U.S. dollar rose against the yen and the euro in Friday morning trading in Asia after fresh economic data boosted optimism about the U.S. economy.
The dollar was trading at 106.77 yen late morning in Tokyo, up 0.57 yen from late Thursday and also above the 106.75 yen it bought in New York later that day.
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The euro dipped to US$1.2683 Friday morning from US$1.2763 late Thursday. It also fell against the yen, from 135.48 yen to 135.44 yen.
In New York Thursday, the dollar climbed to its highest level against the euro this year, lifted by a strong U.S. retail sales report that boosted optimism about the U.S. economy. The dollar also rose against the Japanese yen and British pound.
The Commerce Department reported Thursday that U.S. retail sales climbed 1.4 percent in April -- their strongest rise in six months.
The dollar continued its advance Friday on the back of the strong sales data.
The dollar began to rise Wednesday, following news of a smaller-than-expected U.S. trade deficit.
In recent years, worries about the ballooning U.S. trade deficit have weighed on the dollar, but that has come and gone as a market focus other factors that helped boost the American currency.
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