The yen rose on Friday, poised for its biggest weekly gains in more than a month against the euro and dollar, as traders flocked to it on growing tension in Ukraine and fears about the health of the Chinese economy. The euro was also under pressure since hitting a 2-1/2 year high versus the greenback earlier this week in the wake of comments from European Central Bank President Mario Draghi who raised concerns about the strength of the common currency.
"I don't think anyone wants to hold any large risky positions going into the weekend," said Shaun Osborne, chief foreign exchange strategist at TD Securities in Toronto. The euro fell as much as 0.5 percent against the yen in early US trading before trimming losses to trade 0.25 percent lower on the day at 140.88 yen. Against the dollar, the euro rebounded from early session losses and was 0.33 percent higher on the day at $1.3914.
On the week, the euro was on track to fall 1.71 percent against the yen, while it was poised to rise 0.25 percent versus the greenback. The dollar fell 0.5 percent to 101.36 yen, retreating from Thursday's high of 102.865. It hit 101.22 in US trading as yen bulls targeting the March 3 low of 101.20. On the week, the dollar has lost 1.7 percent, on track for its biggest losses since late January.
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