NEW YORK (Dow Jones)--The dollar strengthened slightly against major currencies Friday as traders took profits and squared positions in anticipation of a week of top-level policy meetings.
As equities rallied Friday, the euro and other high-yielding currencies bounced back for part of the day, until the dollar recovered in the late afternoon. The dollar had been on a two-week slide against a broad range of currencies until its fall was stalled Thursday on sagging U.S. equities.
"The dollar has become very oversold over the past weeks, and there was no U.S. economic data [Friday], which was a perfect environment for profit taking," said Kathy Lien, chief strategist for Global Forex Trading in New York.link...
As equities rallied Friday, the euro and other high-yielding currencies bounced back for part of the day, until the dollar recovered in the late afternoon. The dollar had been on a two-week slide against a broad range of currencies until its fall was stalled Thursday on sagging U.S. equities.
"The dollar has become very oversold over the past weeks, and there was no U.S. economic data [Friday], which was a perfect environment for profit taking," said Kathy Lien, chief strategist for Global Forex Trading in New York.link...
