Forex Market Update

The ICE U.S. Dollar Index moved lower Friday as a contraction in hourly wage growth in December caused investors to delay their expectations for when the Federal Reserve will begin raising its benchmark interest rate.

But despite its losses on Friday, the greenback still recorded a gain for the week as investor worries about the outcome of Greece’s general election later this month pushed the euro lower against the dollar for most of the week.

The dollar index, DXY, -0.43% a measure of the greenback’s strength against a trade-weighted basket of six rival currencies, was down 0.46% to 91.9450.

The dollar USDJPY, +0.00%  was at ¥118.50, compared with ¥119.65 late Thursday in New York. The euro EURUSD, +0.00%  was at $1.1839, from $1.1788.

The pound GBPUSD, +0.00%  rose slightly against the dollar, moving back above the $1.51 level after U.K. manufacturing output recorded strong growth in December.