The dollar strengthened to within 0.1 percent of 120 yen, the highest since July 2007, as analysts forecast that U.S. job growth will accelerate while Japan remains in recession.
A gauge of the U.S. currency headed for its highest close in more than five years. The euro was near a two-year low set yesterday amid speculation European Central Bank policy makers meeting today will signal additional stimulus. Australia’s dollar slid for a sixth day after Goldman Sachs Group Inc. forecast it would decline to 79 U.S. cents.
“It’s still the divergent-growth, divergent-policy story,” said Robert Sinche, a global strategist at Amherst Pierpont Securities LLC in Stamford, Connecticut. “We are seeing capital flows out of Japan, and I think that helps bring capital out and continues this movement down in the yen.”
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