Asian session: The dollar stayed

The dollar stayed in consolidation mode on Friday after its rally to two-month highs ran out of steam with bulls looking for fresh guidance from the head of the U.S. central bank. It is still up nearly 2.3 percent this month, among the top performing currencies, after a string of Federal Reserve officials bolstered expectations for a hike in interest rates as early as next month. Traders are now keen to hear from Fed Chair Janet Yellen, who is due to speak at an event hosted by the Harvard University Radcliffe Institute for Advanced Study at 1715 GMT. Also closely watched is the second estimate of the March quarter U.S. gross domestic product. Analysts polled by Reuters expect to see an upgrade of the earlier reading, which showed the economy grew at its slowest pace in two years.

There was little reaction to the outcome of a two-day Group of Seven summit. The G7 industrial powers pledged on Friday to seek strong global growth, while papering over differences on currencies and stimulus policies.

The yen showed limited reaction to media reports that Japanese Prime Minister Shinzo Abe is considering delaying a sales tax hike, originally planned in April 2017, by around two years. If Japan were to delay the planned sales tax hike, some market participants say the initial reaction may be for Tokyo shares to rise, which could weigh on the safe haven yen. Still, a possible postponement of the sales tax hike has probably been mostly factored in, said a trader for a Japanese bank in Singapore, so any market impact may be limited even in the event of an official announcement to that effect.

EUR/USD: during the Asian session the pair traded in the range of $1.1185-00

GBP/USD: during the Asian session the pair traded in the range of $1.4655-80

USD/JPY: during the Asian session the pair climbed to Y110.00

Based on Reuters materials