The euro started trade on Friday higher against most of its peers but could struggle to extend gains if U.S. employment data due later in the day re-energise dollar bulls.
Investors were forced to trim bearish positions in the common currency overnight after the European Central Bank (ECB) disappointed some by not immediately expanding its stimulus program.
As a result, the euro jumped to $1.2457 from a two-year trough around $1.2279. It has since steadied at $1.2380. It climbed towards a six-year peak of 149.12 yen set on Nov. 20, rising as far as 148.95 before losing a bit of steam to last fetch 148.27 yen.