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Home / Uncategorized / Dollar at 120.30 yen in Tokyo, euro weakens to $1.2190 in Asia
Dollar at 120.30 yen in Tokyo, euro weakens to $1.2190 in Asia

Dollar at 120.30 yen in Tokyo, euro weakens to $1.2190 in Asia

TOKYO: The dollar lost more ground in thin Asian trade Thursday, after a rally powered by decade-high US economic growth figures.

In Tokyo, the US unit bought 120.30 yen, weakening from 120.44 yen in New York, although the greenback was still up from the 119-yen level earlier this week.

The dollar-yen pair “will likely lack major moves but remain firm,” Akira Moroga, manager of the forex products group at Aozora Bank, told Dow Jones Newswires.

The greenback got a boost on Tuesday as the US Commerce Department raised its estimate for third-quarter growth from 3.9 percent to 5.0 percent, the best since 2003.

The news fuelled hopes the US Federal Reserve will start to raise interest rates from current record lows faster than other major central banks, which is a plus for the dollar.

The euro weakened to $1.2190 and 146.62 yen, from $1.2202 and 146.97 yen in US trade.