The U.S. dollar edged higher in early European trade Friday, rebounding after the previous session's sharp losses as traders sought out a safe haven after weak Chinese inflation data.
At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.358, having lost more than 0.7% in the previous session, its largest daily decline in weeks.
EUR/USD fell 0.1% to 1.0777, with ECB Vice President Luis de Guindos due to speak at an event in Madrid later in the session.
Traders will be seeking guidance ahead of the European Central Bank's policy-setting meeting next week, although the central bank is widely expected to hike once more.
Italian industrial production data for April is also due later in the session and is expected to climb just 0.1% on the month, an annual fall of 4.1%.
Elsewhere, GBP/USD edged higher to 1.2562, near a one-month high, AUD/USD traded flat at 0.6717, while USD/JPY rose 0.4% to 139.41.
USD/TRY rose 1.7% to 23.4950, with the lira falling to another record low against the greenback after President Tayyip Erdogan appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey's central bank.
These moves suggest a turn towards orthodoxy in Turkish monetary policy, which could see the country's economy hit with higher interest rates.
Source: Investing.com
