Dollar Breaks a 5-Session Slide
NEW YORK -- The dollar advanced against the yen and the euro Friday in New York, reversing overnight losses to exit from active trading little changed from day-earlier levels.</br></br>Most of the gains were attributable to profit-taking after the dollar's five-session slide, traders said. Ever since the release of the dismal U.S. employment report for August on Sept. 7, the dollar had been on the decline. It hit a series of all-time intradays lows against the euro, as well as 30-year lows against the Canadian dollar, during the week.</br></br>Investors jockeyed for position Friday ahead of the weekend and a decision Tuesday by the Federal Reserve on U.S. interest rates, resulting in a moderate upswing for the greenback versus the yen and euro during the morning in New York.</br></br>Late afternoon Friday in New York, the euro was at $1.3878 from $1.3886 late Thursday, while the dollar was at 115.30 yen from 115.25 yen. Also, the euro was at 159.78 yen from 160.04 yen. The British pound was at $2.0068 from $2.0303 late Thursday. The dollar was quoted at 1.1889 Swiss francs from 1.1868 Swiss francs late Thursday.</br></br>Some of the intraday dollar strength seen Friday was "a secondary effect of risk reduction," said John McCarthy, director of foreign exchange at ING Capital Markets.