US dollar moves within tight range in thin holiday trading

In light holiday trading, the US dollar dipped against the euro, but edged higher against the yen and pound Friday. The 15-nation euro rose to $1.4067 in late New York trading Friday from $1.3999 late Wednesday, while the British pound slipped to $1.4677 from $1.4752. The dollar also rose to 90.58 Japanese yen Friday from 90.39 yen late Wednesday ahead of the Christmas holiday. With a lack of economic reports or government financing actions to direct trading, the greenback moved within tight ranges against the major currencies. As expected, preliminary data showed a lackluster holiday shopping season compared with last year, but equities in the US traded higher on the heels of the Federal Reserve's agreement to make General Motors Corp.'s financing arm, GMAC Financial Services, eligible for bank rescue aid. The Dow Jones industrials rose about 47 points. In other New York trading, the buck fell to 1.0675 Swiss francs from 1.0740 francs late Wednesday, but gained to 1.2221 Canadian dollars from 1.2156.