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Dollar hits 5-year high vs. yen; euro pressured by growth risks

Higher inflation in U.S. points to interest rate hikes in coming months

The dollar rose as high as 116.39 yen in early trade, its highest point since January 2017. (Photo by Kosuke Imamura)

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 GBP was beaten down at $1.3089, having tumbled 0.8% overnight to a 16 month-low.

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