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