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The dollar wobbled against other major currencies on Friday, giving back some of its Thanksgiving Day gains in quiet trading. Stocks withstood early selling pressure brought on by the Dubai debt debacle, fueling some of the risk appetite that drove the dollar to yearly lows this week.
The buck slipped back to 1.4950 versus the euro, down a penny from its early highs. With the retreat, the buck stayed near its 16-month low of 1.5143 set on Wednesday.
A day plunging though support to hit a 1995 low of 84.80 yen, the dollar fetched 86.20 against its surging Japanese counterpart.
The dollar jumped to 1.6350 versus the sterling, but tailed off to trade near 1.6450 later in the day. Still, the dollar has picked up more than 4 cents from a 3-month low set earlier in November.
Commodity prices stabilized as the shock of Dubai's debt predicament waned. The dollar gave back its early gains versus resource-backed currencies, slipping to $1.0612 against Canada's loonie.
US stock markets finished an abbreviated session with notable losses on Friday, but weakness was not as pronounced as futures suggested before the opening bell.
There was no first-tier economic data from the US to consider today.
Next week, trading is likely to be impacted by the monthly employment report due to be released on Friday. Reports on construction spending and manufacturing and service sector activity are also likely to be in focus.
Along with the economic data, traders are also likely to keep an eye on President Barack Obama's announcement on troop levels in Afghanistan as well as Federal Reserve Chairman Ben Bernanke's confirmation hearings.
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