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updated: 5/28/2013 10:15 AM

Dollar climbs as U.S. reports bolster bets Fed will slow buying

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Bloomberg

The dollar strengthened versus the yen and the euro as U.S. reports showed consumer confidence reached the highest level since 2008 and home values climbed, bolstering bets the Federal Reserve will slow its bond buying.

Japan's currency slid against all of its 16 major peers after an adviser to Japan's Prime Minister Shinzo Abe said the nation's central bank can add to its unprecedented stimulus if necessary to support economic revival. South Africa's rand tumbled to a four-year low after data showed the economy slowed more than analysts estimated in the first quarter.

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"At a time when the rest of the world's economies are on shaky ground, U.S. economic data continues to surprise to the upside, making the dollar extremely attractive to global investors," Kathy Lien, managing director of foreign exchange at BK Asset Management, an investment advisory firm in New York, wrote in a client note. "As U.S. economic data continues to improve, expectations for tapering asset purchases by the Fed will continue to build."

The dollar appreciated 1.5 percent to 102.42 yen at 10:54 a.m. New York time. It reached 103.74 on May 22, the strongest level since October 2008. The greenback rose 0.6 percent against the euro to $1.2857. The Japanese currency slid 0.9 percent to 131.77 per euro. Markets in the U.S. and U.K. were closed yesterday for public holidays.

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