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Dollar soars against yen for 5th consecutive day

Dollar soars against yen for 5th consecutive day

LONDON: The dollar ascended for a fifth day versus the yen ahead of U.S. reports.
A gauge of the greenback climbed to a five-year high after Standard & Poor’s raised its forecast for U.S. gross domestic product in 2015, saying lower oil prices may boost consumer spending. Australia’s dollar approached a four-year low as a six-month slide in commodity prices damped the nation’s growth outlook. Malaysia’s ringgit dropped for a third day on concern crude oil will extend declines, crimping the country’s export revenue and foreign reserves.
“As we get into the period where the Federal Reserve starts to actually increase interest rates, we’re going to see the dollar strengthen quite significantly against the other Group of Four currencies,” Kelvin Tay, a money manager at UBS Wealth Management in Singapore, said in an interview on Bloomberg Television. “The U.S. dollar is going to be quite a strong currency in 2015.”