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Dollar firms on positive US outlook

Jan 04 2011 09:43

Tokyo - The dollar gained ground against other major currencies in Asia on Tuesday on the back of an improved outlook for US economic growth, dealers said.

The dollar climbed to ¥81.87 in Tokyo morning trade from ¥81.70 in New York late on Monday.

The euro fell to $1.3341 from $1.3356. The single European currency rose to ¥109.22 from ¥109.07.

"An overnight rise in New York stocks and strong US economic data supported the dollar," said Nobuaki Tani, a dealer at Resona Bank.

"Dollar-positive sentiment on expectations of US economic recovery is likely to persist as the market awaits upcoming data such as a US employment report later this week," he said.

Among upbeat US data released on Monday, the Institute for Supply Management reported that the nation's manufacturing activity grew for the 17th straight month in December.

dollar  |  markets  |  yen  |  euro  |  us economy


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