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The dollar nursed losses on Friday after taking a hit from underwhelming US economic data, while the euro found support from signs that cash-strapped Greece was making tentative progress toward securing fresh funding. The euro eased 0.1 percent to $1.0810, but held on to the bulk of the gains made on Thursday, when it rose 0.9 percent and powered up from a low of $1.0666.
Helping to support the euro, German Chancellor Angela Merkel said on Thursday everything must be done to prevent Greece from running out of money. Greek Prime Minister Alexis Tsipras also said he was optimistic of reaching a deal with the country's creditors after making significant progress in reform-for-cash negotiations. "The market seems to be thinking that the concerns about Greece have been pushed back a bit for now," said Shinji Kureda, head of FX trading group for Sumitomo Mitsui Banking Corporation in Tokyo.
Kureda added, however, that euro's recovery could fade. "I don't get the sense that the euro will keep on pushing higher," he said. The dollar is likely to be underpinned by expectations that US economic data will start to improve as the effects from harsh winter weather and a recent labour dispute at US West Coast ports start to fade, Kureda added.
The dollar inched up 0.1 percent against a basket of major currencies to 97.369, still nursing its losses from Thursday, when it fell about 0.7 percent. Against the yen, the dollar held steady at 119.54 yen , having pulled back from Thursday's high of 120.10 yen. The dollar had taken a hit from more disappointing US data on Thursday, among them an 11.4 percent slide in new home sales in March. While that was the biggest monthly decline since July 2013, it followed three straight months of hefty gains.
Still, it gave the market a fresh excuse to cut bullish dollar positions. "Despite the softer data, we think the market is going to remain focused on risks of a more hawkish Fed message next week, and risks to US front-end yields remain skewed to the upside from current low levels," analysts at BNP Paribas wrote in a note to clients. The Federal Reserve holds a policy meeting on April 28 and 29 and there is certain to be much debate on when interest rates should start to rise.
The New Zealand dollar fell 0.4 percent to $0.7560, staying on the defensive in the wake of dovish comments on Thursday from the Reserve Bank of New Zealand. A survey on German business sentiment and US durable goods data were due later in the session.

Copyright Reuters, 2015

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