Dollar rallies against yen, euro
Afp, London
The dollar hit a fresh four-year high against the yen on Thursday and climbed against the euro in European trading, as currency movements continued to be dictated by interest-rate expectations. The dollar struck 123.75 yen in early European deals, the highest point since December 2002. It later stood at 123.57 yen, compared with 123.53 yen late on Wednesday. The euro fell to 1.3390 dollars, from 1.3404 dollars on Wednesday. "The yen overall remains cheaper against other currencies and the interest rate gap is continuing to expand," said Saburo Matsumoto, chief forex strategist at Sumitomo Trust Bank. The pound steadied after strong enjoying strong gains on Wednesday. The pound had gained against the dollar and the yen after minutes revealed four of the nine members on the Bank of England Monetary Policy Committee, including Governor Mervyn King, had voted for a rate hike in June.
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