Investing.com - The dollar edged lower against the yen and the euro in cautious trade on Friday, as oil prices began to decline once again and as investors eyed the release of U.S. inflation data due later in the day.
USD/JPY slipped 0.17% to 113.07.
Demand for the safe-haven yen strengthened as oil prices resumed their downward trend on Friday, a day after the Energy Information Administration said U.S. crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels.
Separately, Iraq's oil minister said on Thursday that talks would continue between OPEC and non-OPEC members to find ways to restore "normal" oil prices following a meeting on Wednesday.
EUR/USD edged up 0.12% to trade at 1.1119.
Sentiment on the single currency remained vulnerable however, after the minutes of the European Central Bank’s January meeting, released on Thursday, signaled that the bank is prepared to inject further monetary easing next month if necessary to bolster growth.
“In a situation where risks were predominantly on the downside and new downside risks were emerging, it would be preferable to act pre-emptively,” the minutes said.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 96.79.