Dollar holds in range

The dollar drifted in tight ranges versus other major currencies on Friday as investors awaited US jobs data and were little moved by Opec's Thursday pledge to pump more oil.
The US labour market recovery and steep fuel costs are two key factors that may determine whether the Federal Reserve raises interest rates as soon as this month or later in the year.
Many investors already expect a rate hike at the Fed's June 29-30 meeting, following strong US numbers that include recent steep payrolls rises.
But the potential for damage to economic growth from high fuel costs may persuade the Fed to wait longer. "The market is waiting. We want to find out whether US recovery is on track," said Peter Fontaine, currency strategist at KBC in London.
"Oil is still a problem. For the moment this has taken a back seat but what Opec did was not exactly a revolution."
At 1130 GMT the dollar traded at $1.2211 per euro, slightly down on the day but up from a two-month low of $1.2305 set earlier this week. It was at 111.20 yen, up 0.2 percent on the day, and steady at 1.2510 Swiss francs.
US crude oil prices hovered just below $39 a barrel after Opec decided to increase output quotas by two million barrels a day.
The dollar, which has been hit by concern that soaring oil prices could hurt the US economy and delay a rise in rates, failed to make substantial gains from Opec's decision.
Analysts said Opec's move was at the lower end of expectations and did little to wipe out concerns about potential supply disruptions in the Middle East.
Earlier this week, deadly attacks by Islamic militants in Saudi Arabia pushed oil prices to their highest levels in more than two decades, above $42 a barrel.
"The Opec announcement was basically in line with expectations, if not a little disappointing," said Shahab Jalinoos, senior currency strategist at ABN AMRO in London.
"There was nothing there to make it clear to the market that prices will not continue higher, but it seems Opec is at least making an effort so that's why there was no major move in the dollar on the back of Opec".