Dollar rises on confidence in US growth

13/12/2014 06:51 AST

The dollar rose against other currencies in Asia on Friday as a strong US retail sales report reinforced investor confidence in the world’s largest economy.

The dollar was at 118.81 yen in afternoon trade compared with 118.65 yen in New York and sharply higher than the 117.67 yen touched earlier Thursday in Tokyo.

“The strong US retail sales report for November, together with the market reflecting perhaps on the boost to US consumer purchasing power from lower gasoline prices, lifted equities and the dollar,” said National Australia Bank.

The Commerce Department said US retail sales in November, the beginning of the holiday shopping season, added a solid 0.7 percent from the previous month and 5.1 percent from a year ago.

Consumer spending accounts for almost three quarters of output in the world’s biggest economy and the figures are the latest to indicate a strong recovery is on track, adding to pressure on the Federal Reserve to hike interest rates sooner than later.


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