Forex markets calm as Easter weekend starts

Foreign exchange rates were calm Friday as financial markets in Europe, the United States and elsewhere were closed for Easter weekend.

After a rough week in which Cyprus managed to open its banks as the first step in what will be a grueling economic and financial rehabilitation program, the euro edged slightly higher Friday, to $1.2818 at 2100 GMT from $1.2814 late Thursday.

The yen slipped slightly: the dollar was at 94.20 yen, up from 94.12, and the euro bough 120.78 yen, compared to 120.64.

"Today's quiet trading could represent the eye of the foreign exchange storm, as markets start to move on from Cyprus but look forward to a heavy menu of events next week," said Nick Bennenbroek of Wells Fargo.

The upcoming week sees monetary policy meetings by the Bank of Japan, the European Central Bank and Bank of England.

Focus will also be on the Italian political stalemate, after leftist leader Pier Luigi Bersani gave up trying to form a new government following six days of fruitless talks.

The British pound was flat at $1.5191, while the dollar fell slightly against the Swiss franc, to 0.9488 francs.