Investing.com - The dollar was supported against the yen and the euro on Friday, as demand for the greenback remained broadly supported by growing expectations for a December rate hike by the Federal Reserve.
USD/JPY was steady at 122.90, not very far from Wednesday's three-month high of 123.69.
The greenback remained supported after the minutes of the Federal Reserve's October meeting showed on Wednesday that a majority of board members are in favor of a December rate hike.
"While no decision had been made, it may well become appropriate to initiate the normalization process at the next meeting," the minutes said.
Upbeat U.S. economic reports released on Thursday added to expectations for a U.S. rate hike before the end of the year.
The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending November 14 declined by 5,000 to 271,000 from the previous week’s total of 276,000.
Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 1.9 this month from October's reading of -4.5.
EUR/USD slipped 0.27% to trade at 1.0705.
Sentiment on the euro remained fragile after the minutes of the European Central Bank’s October meeting said on Thursday that the risk that it would miss its inflation target again has increased.
Most members of the Governing Council shared the view that inflation risks have increased and anticipated the timing of inflation getting back to target is likely to be pushed back again.
The central bank reiterated that it is ready to act and would reexamine its policies at its upcoming meeting on December 3.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 99.25, re-approaching Wednesday's seven-month high of 99.96.