Dollar edges up in Asian trade

TOKYO: The dollar on Friday clawed back some of the losses suffered against the yen earlier in the week as investors welcomed data showing US jobless claims at a seven-year low.

In midday Tokyo trade, the greenback changed hands at 101.64 yen, compared with 101.44 yen in New York. The euro rose to 141.23 yen from 140.88 yen while it also edged up to $1.3894 from $1.3888.

Dealers said the dollar was consolidating after hitting a three-week low of 101.33 yen at one stage Thursday as shares on Wall Street tumbled and US Treasury bond yields sank.

Anxiety about pricey technology stocks returned with a vengeance to Wall Street Thursday, sending the tech-rich Nasdaq tumbling 3.10 percent, the biggest single-day drop in percentage terms since November 2011. The Dow shed 1.62 percent and the S&P 500 was down 2.09 percent.

Adding to downward pressure on the dollar Thursday were minutes from the US Federal Reserve's latest policy meeting showing its policymakers were not in favour or increasing interest rates any time soon.

However, the unit was given some support after the Labor Department said unemployment claims came in at 300,000 in the week ended April 5 -- the lowest since May 2007.

Now "the important guide is likely to be the earnings season, which kicks off in full swing next week, particularly for tech stocks", National Australia Bank said in a note.