Dollar gives up US GDP data gains in Asia
December 25, 2014
In Tokyo, the US unit bought 120.30 yen, weakening from 120.44 yen in New York, although the greenback was still up from the 119-yen level earlier this week.
The dollar-yen pair "will likely lack major moves but remain firm," Akira Moroga, manager of the forex products group at Aozora Bank, told Dow Jones Newswires.
The greenback got a boost on Tuesday as the US Commerce Department raised its estimate for third-quarter growth from 3.9 percent to 5.0 percent, the best since 2003.
The news fuelled hopes the US Federal Reserve will start to raise interest rates from current record lows faster than other major central banks, which is a plus for the dollar.
The euro weakened to $1.2190 and 146.62 yen, from $1.2202 and 146.97 yen in US trade. (AFP)
