12:07 PM EDT, 05/17/2024 (MT Newswires) -- The US dollar unraveled earlier gains and reverted toward the week's lows against most major currencies in the North American trade on Friday as 'carry' appeared to be back in fashion in a quiet session for economic data.

US dollar rates swung from gains to modest losses across much of the G10 complex, taking many pairs back near to the lows set in the wake of Wednesday's consumer price index inflation report. The low-yielding Japanese yen and Swiss franc were the only two major currencies to remain noticeably underwater relative to the greenback on Friday.

Pound sterling outperformed other G10 currencies as GBP/USD reversed an intraday loss to trade 0.24% higher at 1.2697, marking a new high for the week. Meanwhile the Norwegian krone, Canadian dollar, New Zealand dollar, Australian dollar, euro and Swedish krona reversed prior losses to trade just a touch higher against a softening US dollar going into the weekend.

Mexico's high-yielding peso was the outperformer in the G20 group of currencies, meanwhile, with Friday's reversal playing out as equity benchmarks climbed in North America and pared losses in Europe. Government bond markets remained under pressure in North American trade but with front-end yield spreads rising in favor of currencies like the euro and sterling.