Dollar hits 5-year high on yen, euro pressured by growth risks

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Reuters UK

By Alun John HONG KONG (Reuters) – The dollar hit a new five-year high on the yen on Friday after a strong U.S. inflation report, while the euro struggled to hold its own as a hawkish turn from the European Central Bank was offset by growth risks emanating from the Ukraine crisis. The greenback rose as high as 116.39 yen in early trade, its best level since January 2017, while sterling was beaten down at $1.3089, having tumbled 0.8% overnight to a 16 month-low. Data on Thursday showed that U.S. consumer prices surged 7.9% year-over-year in February, in the largest annual increase in 40 years. …

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