• The dollar sagged against the yen on Friday and was on track for weekly losses, bruised by worries that political turmoil in Washington could delay efforts by U.S. President Donald Trump to implement his economic stimulus plans.
The dollar eased 0.1 percent to 111.39 yen JPY=, having set a three-week low of 110.24 yen on Thursday. The dollar is down about 1.7 percent against the yen for the week, putting it on track for its biggest weekly fall in a month.
Against a basket of six major currencies, the dollar held steady at 97.797 .DXY.
The euro was last trading at $1.1112 EUR=, up 0.1 percent on the day but down from a six-month high of $1.1174 set on Thursday.
UBS Wealth Management's Tan said the euro will probably rise over the next several months, supported by the euro zone's improving growth momentum. He also expected the European Central Bank (ECB) to start signaling in June or July its intent to begin reducing its asset-buying program.
Tan expected the ECB to announce in September that it will start reducing its monthly asset purchases from January 2018. The ECB is currently purchasing 60 billion euros a month, mostly in bonds.
• China and Southeast Asian countries agreed on Thursday to a framework for a long-mooted code of conduct for the disputed South China Sea, China's foreign ministry said, as both sides step up efforts to ease tension in the strategic waterway.
After a meeting between Chinese and ASEAN officials in the Chinese city of Guiyang, China's foreign ministry said the framework had been agreed upon, but gave no details of its contents.
• Two Chinese SU-30 aircraft carried out what the U.S. military described on Thursday as an "unprofessional" intercept of a U.S. aircraft designed to detect radiation while it was flying in international airspace over the East China Sea.
• U.S. President Donald Trump, striking a defiant tone on Thursday after days of political tumult, denied asking former FBI Director James Comey to drop a probe into his former national security adviser and decried a "witch hunt" against him.
• Britain's ruling Conservatives are expected to outspend the opposition Labour Party on campaigning for next month's election, with many of their traditional business backers opting to stick with them despite concerns over Brexit.
• Japan's exports were expected to rise for a fifth straight month in April, a Reuters poll found on Friday, supported by global demand especially from Asia and affirming the outlook for an export-led recovery.
Although the rate of export growth was seen likely to slow last month after robust rises in March, analysts see a global economic upturn continuing to support Japanese trade.Exports were seen likely to have grown 7.8 percent in April from a year ago after jumping 12.0 percent in March, the biggest gain in more than two years.
Imports were expected to increase 14.8 percent last month from a year earlier taking the trade surplus to 520.7 billion yen ($4.69 billion).
• Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.
U.S. crude oil CLc1 was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.
Brent crude LCOc1 was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains.
Reference: Reuters
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