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The dollar finished another dreadful week on a relatively upbeat note Friday, holding its ground versus the surging euro.
Wall Street took a breather following another bull run, and without much economic news to fuel renewed optimism, the dollar put an end to a streak of yearly lows against the euro.
Next week is a pivotal one for the dollar, as further gains in equities could accelerate the pace of its declines against higher-yielding currencies.
The dollar bounced back and forth near the 1.4700 versus the euro. Steady losses over the course of the summer drove the dollar to yesterday's yearly low of 1.4766.
Similarly, but for different reasons, the dollar has weakened significantly versus the yen. While risk appetite has hurt the buck against the euro, traders still in search of a safe haven amid economic uncertainty have favored the yen of late.
Signs that the Japanese economy is better off than once feared have fueled interest in the yen. The dollar fetched 91.40 yen on Friday, staying near a 7-month low from earlier in the week.
The dollar also managed to stabilize near C$1.0700 versus the loonie after hitting a yearly low of C$1.0590 on Wednesday.
While the buck has been under intense pressure versus most majors recently, it remains steady versus the equally out-of-fashion sterling. The dollar rose to a 2-week high of 1.6230 on Friday amid lingering concerns about the health of the UK economy.
Looking ahead to next week, the Fed will hold a 2-day meeting starting on Tuesday. No change in rates is expected this month or for the rest of the year. Traders will be looking for insight about the pace of recovery.
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