The U.S. dollar strengthened against the other major currencies in the Asian session on Friday amid rising risk aversion, due to falling commodity prices.

Crude oil for November delivery are currently down $0.52 to $45.80 a barrel.

Crude oil prices fell as investors remain cautious ahead of next week's meeting of the Organization of the Petroleum Exporting Countries in Algeria. Speculation triggered that oil producing nation's such as Saudi Arabia, Iran and Iraq, will not slash or freeze production to stabilize the oil market due to their longstanding political rivalry and emphasis to expand market share over prices.

In economic news, initial jobless claims unexpectedly dropped to a two-month low in the week ended September 17th.

The report said initial jobless claims fell to 252,000, a decrease of 8,000 from the previous week's unrevised level of 260,000. The decline surprised economists, who had expected jobless claims to inch up to 262,000.

Thursday, the U.S. dollar fell 0.54 percent against the euro, 0.56 percent against the pound, 0.73 percent against the Swiss franc and 0.42 percent against the yen.

In the Asian trading, the U.S. dollar rose to a 2-day high of 101.24 against the yen, from yesterday's closing value of 100.74. The greenback may test resistance near the 105.00 region.

Against the euro, the pound and the Swiss franc, the greenback advanced to 1.1194, 1.3035 and 0.9705 from yesterday's closing quotes of 1.1207, 1.3074 and 0.9688, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.10 against the euro, 1.28 against the pound and 0.98 against the franc.

Against the Australian and the Canadian dollars, the greenback edged up to 0.7629 and 1.3075 from yesterday's closing quotes of 0.7641 and 1.3041, respectively. The greenback is likely to find resistance near 0.74 against the aussie and 1.32 against the loonie.

Looking ahead, flash PMI reports from major European economies for September are due to be released later in the day.

In the New York session, Canada retail sales for July and CPI data for August, Markit's U.S. flash manufacturing PMI for September and U.S. Baker Hughes rig count data are slated for release.

At 9:00 am ET, U.S. Treasury Secretary Jack Lew and Treasury Deputy Secretary Sarah Bloom Raskin will participate in the Freedman Bank Forum, in Washington.

At 12:00 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker, Cleveland Fed President Loretta Mester and Atlanta Fed President Dennis Lockhart are expected to participate in "Presidents' Perspectives: The Fed's Role in Our Communities" closing plenary before the "Reinventing Our Communities: Transforming Our Economies," a conference hosted by the Federal Reserve Bank of Philadelphia .

At 12:30 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated Q&A before the Independent Bankers Association of Texas Annual Convention, in San Antonio.

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