* Soft euro zone inflation data pressures euro
* Upward revision to US GDP data helps greenback
* S. African rand slumps as fin min replaced
TOKYO, March 31 The dollar edged up in Asian
trading on Friday, poised for weekly gains after solid U.S.
economic data contrasted with figures showing euro zone
The dollar index, which tracks the U.S. currency against a
basket of six major rivals, was up 0.1 percent at 100.50,
up 0.9 percent for the week and not far from a two-week high of
100.60 hit overnight.
The euro nursed losses, up 0.1 percent on the day at $1.0681
but down 1.1 percent for the week.
German and Spanish consumer price data released on Thursday
showed inflation slowed more sharply than expected in March as
oil prices slumped, offering some respite to the European
Central Bank as it faces pressure to wind down its monetary
Revised U.S. gross domestic product data on Thursday showed
that U.S. fourth quarter growth slowed less than previously
reported as consumer spending provided a boost that was
partially offset by the largest gain in imports in two years.
"The number itself wasn't great but the forward-looking
indicators look pretty good," said Jennifer Vail, head of
fixed-income research for US Bank Wealth Management in Portland,
"You're probably going to see some modest reaction to the
softness we're seeing in the eurozone, as it looks like some of
the inflation data is not as strong as initially thought," she
said. "I think the reason you didn't see more substantial dollar
strength is concerns on the lack of conviction that our new
president had in getting ACA repealed."
Republicans withdrew their bill a week ago to replace and
repeal the Obama administration's Affordable Care Act (ACA) due
to lack of support in Congress, raising concerns that President
Donald Trump's tax reform and stimulus measures might also face
Trump lashed out on Thursday at Republican conservatives who
helped torpedo the healthcare legislation, escalating a feud
within his party.
Against its Japanese counterpart, the dollar was flat on the
day at 111.98 yen, up 0.5 percent for the week.
Data released on Friday showed Japan's core consumer prices
rose 0.2 percent in February from a year earlier, marking the
fastest annual pace in nearly two years but still distant from
the central bank's ambitious 2 percent target.
Japan's business year ends on Friday. The dollar was on
track to lose 0.6 percent against the yen for the fiscal period.
Sterling edged up 0.2 percent to $1.2490, on track
for a slight gain in a week marked by volatile trading in a week
in which British Prime Minister Theresa May formally triggered
the Brexit process.
The dollar rallied 1 percent against South Africa's rand to
13.410, its highest since early February, after President
Jacob Zuma replaced the country's finance minister.
Zuma appointed Malusi Gigaba to replace Pravin Gordhan who
was sacked in a cabinet reshuffle late on Thursday evening, eNCA
(Reporting by Tokyo markets team; Editing by Richard Pullin)