TOKYO (MarketWatch) — The dollar retook ground against the euro Friday, with the market focusing on Greece’s sovereign-debt woes.
The euro EURUSD -0.33% traded at $1.4137, down from $1.4197 in late North American trading Thursday. See real-time currency quotes and tools.
So far, euro-zone policy makers “have been unable to patch over their difference on the second bailout plan for Greece, and the downward pressure” on the euro is increasing, said Boris Schlossberg, director of currency research at GFT.
“For the time being, the benefit of doubt goes to the bears, as progress on the issue remains limited,” he said in a note to clients Friday.
Greece’s Socialist government on Friday said Evangelos Venizelos will replace George Papaconstantinou as finance minister in a broad cabinet reshuffle, according to media reports. Papaconstantinou will become environment minister, the reports said.
The euro fell to a three-week low against the U.S. dollar Thursday before rebounding. Read more on Thursday's currency trading.
Before reversing later in the session, the euro extended gains in early Asia trading Friday, “as markets continued to take solace from the likelihood that the next tranche of Greek aid would indeed be forthcoming,” said Michael Turner, strategist at RBC Capital Markets.
Click to Play
Asia Today: Alibaba's Taobao
Alibaba announces a major restructuring of its e-commerce unit Taobao, and Sina's CEO defends China governance as concern lingers over the future of his own company.
The dollar index DXY +0.39% , which measures the performance of the U.S. unit against a basket of six currencies, rose to 75.711 from 75.476 Thursday.
Against the Japanese yen, the dollar USDJPY -0.22% bought ¥80.46, compared with ¥80.58 late Thursday.
The British pound GBPUSD -0.26% slipped to $1.6096 from $1.6152
Lisa Twaronite is MarketWatch's Tokyo bureau chief.
