Forex - US dollar hits 120-yen mark for first time in more than a year |
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Thu, 11 Jan 2007 10:09
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TOKYO (XFN-ASIA) - The yen was sold against other major currencies, sending the US dollar to above the 120-yen mark for the first time in more than a year, amid a revival of confidence in the greenback following strong US economic data of late, dealers said.At 5.40 am here, the dollar was quoted at 120.27 yen, trading above 120 yen for the first time since December 14, 2005.The yen was also sold against the euro, with the euro at 115.84 yen.'Due to the recent release of strong US economic data such as the non-farm payrolls data, investor confidence in the dollar is recovering,' said Mitsubishi UFJ Securities forex dealer Minoru Shioiri.The US Labor Department said Friday that US employers had increased their payrolls by 167,000 jobs in December, more than the increase of 100,000 jobs the market had expected.'In addition, the appetite for the yen was hit by the emerging view that even if the Bank of Japan hikes interest rates next week, a marginal rate increase will not change global capital flows and leave the yen as most unwanted currency,' Shioiri said.(1 usd = 120.25 yen)yasuhiko.seki@xfn.com
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