Dollar Rises to Five-Year High Against Yen; Krona Gains

31/12/2013 12:31 AST

The euro gained for a fourth day against the dollar as Italy sold 3 billion euros ($4.14 billion) of government bonds amid falling borrowing costs, boosting confidence in the region’s economy.

The 17-nation currency rose as European Central Bank President Mario Draghi said he sees no need for further rate cuts, according to a Der Spiegel report. The dollar retreated from a five-year high against the yen as Treasury 10-year bond yields fell for the first time in six days. Sweden’s krona strengthened after retail sales increased more in November than economists forecast.

“A healthy Italian bond sale underscores that crisis in the euro zone is fading in the rear-view mirror,” Jonathan Lewis, the New York-based chief investment officer at Samson Capital Advisors LLC, wrote in a client note. “More hawkish statements from ECB members are signaling that Europe’s central bank may actually raise interest rates in 2014.”

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