Source AP ©

Euro costs USD1.4471

The euro edged back up against the U.S. dollar in early trading Friday as markets looked ahead to the release of non-farm payrolls data amid continuing worries about the credit crunch.

The 13-nation euro bought US$1.4471 Friday, up from the US$1.4462 it bought in late New York trading, but down from Wednesday's record high of US$1.4503.

The U.S. currency plummeted Wednesday after the Federal Reserve's decision to cut interest rates by a quarter of a point, and has continued to suffer from market jitters about the U.S. economy driven by the sub-prime market crisis. Markets were looking ahead to the release of information about the October U.S. non-farm payrolls data later Friday.

In addition, the euro has been helped by sentiment that the European Central Bank has yet to finish a gradual campaign of rate increases, while the pound has benefited from expectations that the Bank of England will leave rates untouched rather than follow the Fed in cutting the cost of borrowing.

The British pound edged back to US$2.0827 from US$2.0840 in New York late Thursday. The dollar dipped against the Japanese currency, buying 114.54 yen, down from 114.92 yen in New York.

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