New York, May 10 (BNA): The dollar inched higher on Friday as investors digested a reading on U.S. consumer sentiment and sifted through a flurry of comments from Federal Reserve officials, while the yen was poised for its fourth decline of the week.
The greenback pared declines and turned modestly higher after the University of Michigan’s preliminary of consumer sentiment came in at 67.4 for May, Reuters reported.
The dollar had weakened on Thursday after a higher than expected reading on initial jobless claims fueled expectations the labour market was loosening, adding to other recent data that indicated the overall economy was slowing.
The dollar index , which measures the greenback against a basket of currencies, gained 0.15% at 105.38, with the euro down 0.18% at $1.0762. The dollar was on track for its first weekly gain after two straight weeks of declines.
Against the Japanese yen , the dollar strengthened 0.23% at 155.82 and was up about 1.8% on the week against the Japanese currency after it tumbled 3.4%
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