The greenback and Japanese yen rose on Friday as concerns about global economic recovery remained despite a batch of better-than-expected U.S. economic data, prompting investors to seek shelter in these two currencies. The ICE dollar futures, which measure the dollar’s strength against a basket of six other major currencies, rose 0.67 percent to 82.984 in late New York trading, while declining U.S. stocks pushed the dollar lower against the yen to a two-month low of 94.73 before stabilising.

Data from eurozone showed that Europe’s economy contracted at the fastest pace in at least 13 years in the first quarter as companies cut output and jobs to survive the worst global slump in more than six decades. Gross domestic product in the region dropped 2.5 percent from the fourth quarter, when it fell 1.6 percent, while a separate report showed inflation held at 0.6 percent in April. The single currency tumbled against the dollar and yen to as low as 1.3461 and 127.96 respectively, however, euro strengthened against the Swiss franc and rallied from session low of 1.5008 to 1.5146 after rumours that Bank of International Settlement was buying the single currency versus Swiss franc.

Data from U.S. showed a rise in a key manufacturing gauge for New York state in May and a net inflow of capital into the United States in March after outflows the previous month, however, currency investors stayed wary after the disappointing eurozone GDP report. Increased in risk aversion pushed the British pound, Australian dollar and New Zealand dollar lower against the greenback on Friday, and currency pairs gbp/usd, aud/usd and nzd/usd fell to as low as 1.3146, 0.7477 and 0.5835 respectively in New York session before stabilising.

Data to be released in the coming week include U.K. Rightmove house prices, Japan consumer confidence, eurozone trade balance and U.S. NAHB housing market index on Monday, Japan industrial production and machine tool orders, U.K. CPI and RPI, eurozone ZEW survey, and U.S. housing starts and building permits on Tuesday, Japan GDP, German PPI, U.K. BOE minutes and CBI industrial trend, Canada CPI, and U.S. FOMC minutes on Wednesday, eurozone service PMI and manufacturing PMI, U.K. PSNCR and retail sales, and U.S. weekly jobless claims, leading indicators and Philadelphia Fed index on Thursday, and Japan BOJ rate decision, U.K. GDP, and Canada retail sales on Friday.