Dollar Touches 5-Year High as U.S. Recovery Sustains Taper Pace

30/12/2013 07:27 AST

The dollar touched a five-year high versus the yen and headed for an annual gain against major peers amid optimism a sustained U.S. economic recovery will allow the Federal Reserve to cease bond purchases by the end of 2014.

The Bloomberg U.S. Dollar Index is set for its biggest annual advance in five years before reports this week that may show improvements in housing and manufacturing. The euro is on course for a world-beating gain in 2013, according to Bloomberg Correlation-Weighted Indexes, as European Central Bank officials damp prospects for interest-rate cuts. Japan’s currency was poised for a yearly slide versus most major counterparts as Asian stocks strengthened, curbing demand for haven assets.

“As long as the data flow continues to be positive and risk appetite is positive, you get the dollar supported,” said Emma Lawson, a senior currency strategist at National Australia Bank Ltd. in Sydney.

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