The U.S. dollar topped the 120 yen line for the first time since July 2007 in New York on Thursday, supported by a positive outlook for the world’s largest economy in contrast to flagging Japan and Europe .
The dollar surpassed the psychologically important line Thursday morning in New York , up from 119.88-90 yen in Tokyo at 5 p.m.
The dollar rose as momentum carried over from Tokyo trading in which traders took heart from higher-than-expected growth in the U.S. nonmanufacturing sector in November and a more upbeat view in the latest U.S. Federal Reserve Beige Book survey of the U.S. economy region by region, both released Wednesday.
The move also came after the European Central Bank left its key interest rate at a record-low 0.05 percent at its policy meeting Thursday.
via Kitco
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