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The dollar was mixed versus other major currencies, extending a comeback bid versus its Canadian counterpart as traders assessed the sustainability of the global economic recovery, which has shown signs of fizzling out without further government support.
Risk averse traders have flocked to the dollar, and to a greater degree the yen, in recent days. Stocks have withered under the pressure of lackluster corporate earnings news, disappointing economic data, and tightening measures from China.
The dollar gave up a fraction of its gains versus the euro, slipping to 1.4175 from yesterday's 5-month high near 1.4025.
Meanwhile, the dollar found its footing versus the resurgent yen, which has become the more fashionable safe haven play since President Barack Obama called for new restrictions on financial institutions aimed at preventing future financial crises.
The buck held near Y90 after touching a monthly low of 89.78. With the recent loss, the dollar edged closer to a 1995 low of 84.81, set back in November.
With commodity prices remaining depressed, the dollar was able to make up further ground versus the resource-backed loonie. The dollar rose to a monthly high of C$1.0600 before leveling off in mid-day trading. Earlier this month, the buck moved within 2 Canadian cents of parity with the loonie.
The dollar continued its run of choppy trading versus the sterling, rising to 1.6123. The pair is little changed over the past eight months.
Looking at economic news from overseas, Eurozone industrial new orders rose 1.6% year-on-year in November after a revised decrease of 1.9% in October, Eurostat said Friday. Economists had forecast 0.5% rise.
U.K. retail sales recorded a slower than expected growth in December as price increases hurt sales during the festive season, official data showed Friday. Retail sales grew only 0.3% in December from November, the Office for National Statistics said in a report.
Closer to home, Canadian retail sales fell in line with expectations in November, led by a significant drop in sales at clothing stores as the holiday shopping season kicked off.
Retail sales in current dollars declined 0.3% in November to $35.2 billion, after rising for three consecutive months, according to data from Statistics Canada. A contributing factor was lower winter clothing sales as a result of unseasonably warm weather throughout most of Canada.
In news that may impact trading next week, Federal Reserve Chairman Ben Bernanke is reportedly facing a more difficult road to reappointment than expected. California Democrat Barbara Boxer has become the latest senator to oppose his nomination to a second term as Fed head.
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