Dollar weakens against euro after two-day rally (AP)

NEW YORK – The dollar gave back some of its gains against the euro Friday, a day after hitting an eight-month high against the European currency.

The dollar had risen nearly 1.5 percent against the euro since Tuesday, as demand for the U.S. currency increased on fears about the global economy. At one point, the euro fell to $1.3384 Thursday, its lowest level since Jan. 18.

Finance ministers from 20 leading economies, who are meeting Friday in Washington D.C., tried to calm markets ahead of their meeting saying that they are strongly committed to stabilizing the global economy.

But with no economic data expected in the United States, the dollar traded in tight ranges against most currencies.

In afternoon trading Friday, the euro edged up to $1.3489 from $1.3469 late Thursday.

The British pound rose to $1.5464 from $1.5353. The dollar was practically unchanged at 76.39 Japanese yen from 76.40 Japanese yen. The dollar fell to 0.9043 Swiss franc from 0.9085 Swiss franc and to 1.0287 Canadian dollar from 1.0302 Canadian dollar.

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