The dollar had its longest streak of gains against the yen since December 2001 on optimism economic expansion in the U.S. is accelerating
Published:
17 September 2003 y., Wednesday
Federal Reserve reports today showed industrial production climbed in August and manufacturing in New York State expanded for a fifth straight month in September. A survey of business economists released today predicted the world's largest economy will expand at its fastest pace since 1999.
The U.S. currency rose for an eighth day against the yen, to 117.47 yen at 5:01 p.m. from 117.20 on Friday. Japanese markets were closed today for a national holiday.
Against the euro, the dollar was little changed against the euro at $1.1283 from $1.1291 after Sweden yesterday rejected plans to adopt the currency shared by 12 countries. Browne predicted the dollar would rise as far as $1.1225 per euro in coming days.
Gains in the dollar were tempered after government figures showed the U.S. current-account deficit, the broadest measure of trade because it includes investments, held at a record $138.7 billion in the second quarter. That means the U.S. has to attract about $1.52 billion a day to keep the dollar from falling.
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