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The dollar found its footing against the yen Friday morning in New York after suffering steep losses in the previous session.
The Japanese currency became a more fashionable risk aversion play yesterday after President Barack Obama took an aggressive tone with US banks, proposing measures to prevent big banks from taking on too much risk.
Even as the buck weakened versus the yen, it remained on the offense versus the other majors, holding its recent gains against the euro. Beset by sluggish growth and debt problems faced by EU members Greece and Portugal, the euro tailed off badly in the past few weeks.
With little economic news to digest on Friday, traders will continue to look to corporate earnings news for guidance. Stocks have tumbled in the last few days amid growing anxiety that the economic recovery of the last few quarter is a sugar high, and unsustainable without continued government support.
The dollar was holding near the 90 mark versus the yen after hitting a monthly low of 89.77 overnight. On a longer term basis, the pair is little changed from its levels of the same time a year ago.
Meanwhile, the dollar stayed within hailing distance of its recent 5-month high against the euro. The buck was at 1.4140, down from 1.4028.
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.
The dollar rose further versus the sterling, touching a 10-day high of 1.6111. With the advance, the dollar moved to the upper end of a multi-month range versus its UK counterpart.
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.
Slumping commodity prices helped the dollar reach a 3-week high of C$1.0535 versus the loonie this morning. The buck has found support after coming within 2 Canadian cents of parity earlier in January.
President Obama on Thursday called for new restrictions on financial institutions aimed at preventing future financial crises.
Obama said the new rules would close loopholes that allowed firms to trade in risky products without oversight, strengthen capital and liquidity requirements to make the system more stable and ensure that the failure of any single institution will not pose a risk to the financial system as a whole.
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