Dollar shines as US economy outperforms, yen plumbs 10-month low
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SINGAPORE : A buoyant dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient U.S. economy even amid a dour global growth outlook.
The greenback scaled a fresh top of 147.865 yen in early Asia trade, its highest since last November.
Against a basket of currencies, the dollar was last 0.05 per cent higher at 104.91, holding on to some of its gains from the previous session after scaling a six-month peak on news that the U.S. services sector unexpectedly gained steam in August.
The stronger-than-expected data pushed the euro to its lowest since June at $1.0703 on Wednesday, with the single currency last 0.03 per cent lower at $1.0723.
Sterling similarly lost 0.07 per cent to stand at $1.24985, having also bottomed at a three-month trough of $1.24835 in the previous session.
