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The dollar firmed up versus the sterling, but failed to make much of a dent in its recent losses versus the euro as traders continued to assess the relatively encouraging economic data released over the past few weeks.
With no major economic data on schedule for release, traders might react to movements in equity markets on the day of quadruple witching, or the expiry date for contracts under index futures, index options, stock futures and stock options.
Yesterday's upbeat economic data included an unexpected drop in weekly jobless claims and a jump in US housing starts.
The dollar has weakened almost across the board in the last month. Green shoots on the economic landscape have bolstered higher-yielding currencies such as the euro of late. Meanwhile, the yen has become the more fashionable play among those still seeking a safe haven.
Friday morning, the dollar stayed near its yearly low of 1.4766 from the previous session. The buck made a modest advance overnight, but was back to 1.4716 approaching 8 am ET.
Eurozone's current account balance on a seasonally adjusted basis showed a surplus of EUR 6.6 billion in July compared to a revised deficit of EUR 4.3 billion in June, the European Central Bank reported Friday.
The dollar rose to a week and a half high of 1.6330 versus the sterling overnight, but gave back some of its gains as the sun came up in New York. On a longer term basis, the the pair is practically unchanged from the start of the summer.
On the flip side, the dollar has been on the ropes against the yen. Friday morning, the buck held steady above 91, having set a 7-month low of 90.11 earlier in the week.
The buck was stable near C$1.0700 versus the loonie, having dropped to a yearly low of C$1.0590 on Wednesday. Recent economic data from Canada has signaled that conditions north of the border have been improving rapidly.
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