Dollar edges up

Hot now

TOKYO: The dollar held to gains against the yen and euro on Friday, awaiting U.S. data later in the day that could set the greenback's tone.

The dollar was little changed at 108.86 yen after gaining about 0.6 percent overnight.

The U.S. currency, which had hit an 18-month low of 105.55 yen last week after the Bank of Japan stood pat on monetary policy, was on track to rise 1.8 percent on the week. Verbal warnings by Japanese authorities over the past week have so far helped cool the yen's rally.

The euro was effectively flat at $1.1371 EUR= after shedding 0.4 percent on Thursday.

The dollar was buoyed overnight as U.S. Treasury yields rose when Boston Federal Reserve President Eric Rosengren said the Fed should raise interest rates if data confirms a stronger jobs market and inflation outlook in the second quarter. He added that the markets are too pessimistic on the economy.

The currency market will have a chance to gauge the underlying strength of the U.S. economy through a batch of data to be released later in the day.