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TOKYO (AP) - The dollar rose to a 13-month high versus the yen in Asia Friday amid optimism about U.S. consumption data, helping the economy achieve a soft landing.
The U.S. dollar bought 120.58 yen on the Tokyo foreign exchange market at 3:50 p.m. Thursday, up from 120.44 yen late Thursday in New York. The euro rose to $1.2906, from $1.2889.
Many currency players said they expect December U.S. retail sales data due later Friday are likely to be fairly strong, which may prompt the Federal Reserve to hold off on any rate cuts until as late as October.
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