Currencies

LONDON (ShareCast) - The dollar registered broad gains on Friday as the currency benefited from safe haven flows as traders picked over a mixed bag of company earnings.

General Electric (NYSE: GE - news) posted net income of $2.6bn, a sharp drop from the same a year earlier while Bank of America (NYSE: IKJ - news) warned that losses from failed loans continue to rise as quarterly profit fell.

Stronger than expected US housing data kept a lid on bigger gains for the greenback however.

The dollar index, which measures the currency against six others rose to 79.402 from 79.222 the previous session.

Uncertainty about the global economic outlook propelled demand for the buck as the US quarterly earnings season rolls out. The euro fell to $1.4119 in late afternoon trading on Friday while the dollar surged to a high of above 94 yen before retreating.

Sterling hit a low of $1.6268 against the dollar with investors reluctant to buy riskier, higher yielding currencies.