Forex Market Update

The ICE U.S. Dollar Index ended the week lower Friday as the gains that followed January payrolls data failed to offset the euro’s strength from earlier in the week.

The euro rallied this week as Greece’s newly elected Finance Minister Yanis Varoufakis dropped his demands for the ECB to write off part of Greece’s €315 billion in foreign debt.

The dollar USDJPY, +1.37% soared to ¥119.17 after the report, its highest level against the Japanese currency in a month. It traded at ¥117.54 late Thursday in New York.

The euro traded EURUSD, -1.41%  at $1.1315 after surrendering all of its massive gains from Thursday’s session. The shared currency traded at $1.1467 Thursday evening.

Meanwhile, the pound GBPUSD, -0.55%  traded at $1.5248, compared with $1.5322 Thursday.

The dollar index DXY, +1.13%  , a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was up 1% to 94.6980, its highest level in a week.