Dollar back at seven
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LONDON (MarketWatch) - The dollar moved broadly higher on Friday, trading around a seven-year high against the yen, after data showed U.S. retail sales snapped back in October.
The greenback bought ¥116.53, up from ¥115.77 late Thursday, and climbing back to levels not seen since 2007.
The WSJ Dollar Index rose 0.2% to 80.07, while ICE Dollar Index a measure of the dollar's strength against a basket of six currencies inched up to 87.85, from 87.82 on Thursday.
The U.S. currency was supported by domestic retail sales rising 0.3% last month, as plunging gasoline prices gave consumers more money to spend on other goods and services. Economists polled by MarketWatch had forecast a 0.2% gain. U.S. stocks were also higher, with the Dow Jones Industrial Average trading in record territory.
In other currency crosses, the euro slipped to trade around $1.2471 from $1.2475 last night. Economic growth data from the eurozone beat expectations, but still confirmed that the recovery is struggling to gain foothold.
The pound continued its slide and exchanged hands at $1.5644, down from $1.5710 Thursday evening.
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