(Bloomberg) -- The dollar rose to the highest in almost three months against the yen and strengthened versus the euro after reports showed industrial production rose more than economists forecast and housing starts unexpectedly increased.
Investors bought the U.S. currency as the data may allay concern of a slowdown in the economy, reducing pressure on the Federal Reserve to cut borrowing costs. The yen dropped to a record low against the euro as low interest rates encourage investors to buy higher-yielding assets funded by loans in Japan.
Read more at Bloomberg Currencies News
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