Dollar Probes 120 Yen on U.S. Growth; Euro Traders Await Draghi

The dollar strengthened to within 0.1 percent of 120 yen, reaching the highest level since July 2007, as analysts forecast that U.S. job growth will accelerate, boosting the economy while Japan’s remains mired in recession.

While the U.S. currency is being buoyed by signs of strength in the American economy, the yen and the euro are weakening as their central banks expand stimulus measures to boost growth. Europe’s shared currency stayed near a two-year low today after the European Central Bank kept its main refinancing rate at a record-low 0.05 percent, as predicted by all economists in a Bloomberg News survey. ECB President Mario Draghi will explain the decision in a press conference in Frankfurt.