|12-06-2014, 06:16 PM||#1|
U.S. dollar hits seven-year highs against Japanese yen ahead of nonfarm payrolls
The U.S. dollar hit a seven-year high against the Japanese yen on Friday, heading for its seventh weekly gain ahead of data that is likely to show superior jobs growth in the U.S. when compared to stumbling Japan and European economies.
The U.S. dollar climbed 0.61% to 120.501 yen on 13:13 GMT, its highest level since July 2007. Against ht euro, the U.S. dollar gained 0.06% to 1.23684.
The euro hit a two-year low on Thursday during a press conference by European Central Bank (ECB) President Mario Draghi before bouncing back after he said the ECB would wait until early 2015 to assess additional stimulus measures.
The global eye now turns to the U.S. non-farm payrolls report for November, which is set for release before markets open in the U.S. Analysts see the economy added 230,000 new jobs in November.
The U.S. dollar has gained nearly 7.5% in the past three months, the best performer among Bloomberg-tracked developed-nation currencies.
The U.S. dollar has been soaring against most major currencies because the economy has been showing strong signs of improvement, and on speculation the Federal Reserve will soon start to raise interest rates, which contrasts with other central banks, which are still up for further monetary expansion and accommodative policies to support their slowing economies.
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