MW: Dollar slips slightly as investors take profits
TOKYO (MarketWatch) - The dollar moved lower against major rivals in Asian trade Friday, as investors took profits on Thursday's firm gains ahead of the weekend.
The dollar bought 90.18 yen, down from 90.35 yen in late North American trading on Thursday. The pair stuck to a very narrow range, with the greenback trading between 90.12 yen and 90.32 yen.
"While benchmarks for other asset classes (stocks, commodities, etc.) have all pushed to record highs, the more risk-attuned yen crosses have actually been developing long-term, broad congestion patterns," said DailyFX Strategist John Kicklighter.
The euro traded at $1.4868, up from $1.4841 late Thursday, and the British pound changed hands at $1.6594, up from $1.6577.
On Thursday, the dollar rose against major counterparts amid calls for the U.S. currency to strengthen by leaders gathered in Singapore at a meeting of finance ministers from the Asia-Pacific Economic Cooperation (APEC) group.
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U.S. Treasury Secretary Timothy Geithner also said the government's borrowing needs would be substantially less than expected. See Thursday's Currencies report.
President Barack Obama will also attend APEC on his first state visit to Asia. Obama's eight-day trip will take him to Tokyo, Beijing, Shanghai and Seoul. Read more on Obama's Asian trip.
Obama will meet with Japanese Prime Minister Yukio Hatoyama Friday, but the leaders are not expected to discuss currency issues. Read story on Obama in Japan.
