FOREX-Bitcoin clings to Tesla gains, dollar set for weekly loss

    * Bitcoin set for 20% weekly rise
    * Traders reassess pace of U.S. recovery on weak jobs data
    * Euro ticks down 
    * Graphic: World FX rates

    By Julien Ponthus
    LONDON, Feb 12 (Reuters) - Bitcoin hovered close
to record highs on Friday, set for gains of over 20% in a
milestone week marked by the endorsement of major firms such as
Elon Musk's Tesla, while the dollar pared losses that were
incurred after weak U.S. jobs data. 
    The world's most popular cryptocurrency traded about 0.5%
down at $47,728, just south of a record high of $49,000 reached
after U.S. banking group BNY Mellon said it had formed a
unit to help clients hold, transfer, and issue digital assets.
   Tesla revealed on Monday it had bought $1.5 billion
worth of the cryptocurrency and BlackRock, the world's
largest asset manager, added bitcoin as an eligible investment
to two funds.
    Credit card giant Mastercard's plans to offer support
for some cryptocurrencies also boosted bitcoin's ambitions
towards mainstream finance, but many banks are reluctant to
engage with it. 
    "We do not cover other speculative objects such as vintage
cars, works of art or expensive watches", Commerzbank Research
said in a note on why it would not comment on the bitcoin
exchange rate that some analysts say could test $50,000 soon.
    "There is clearly some nervousness around this level", Oanda
analyst Craig Erlam told his clients, citing fears that a
correction could hit soon after the $50,000 landmark is reached.
    Elsewhere the dollar index ticked up 0.26% at 90.644 
after subdued volumes in Asia due to the Lunar New Year.
     It was, however, on track to fall 0.5% for the week - its
first losing week in three - in what ING analysts described as a
"consolidative mood" amid uncertainty about the pace of the U.S.
economic recovery.
    Weaker-than-expected weekly U.S. jobless claims data on
Thursday added to concerns the dollar's previous rally had
priced in too fast a rebound for the U.S. economy.
    The dollar was up 0.3% against the yen at 105.03. 
    There has been a divergence in views among traders this year
over how U.S. President Joe Biden's planned $1.9 trillion fiscal
stimulus package will affect the dollar.
    Some see it as bolstering the currency as it should speed a
U.S. recovery relative to other countries, while others reckoned
it would feed a global reflation narrative that should lift
riskier assets at the dollar's expense.
    The euro slipped 0.25% to $1.2102 and briefly
crossed below the $1.21 line but was headed to a 0.4% weekly
    The British pound slipped below $1.38 against the dollar but
was steady against the euro after data showed Britain's economy
suffered a record slump in 2020, but grew in the final quarter.
    Norway's crown strengthened slightly and pared some losses
against the euro after data showed the country's economy
contracted by 2.5% last year, a decline less severe than in most
other European nations.
    It traded last at 10.2980, broadly flat against the euro on
the day.    
    Currency bid prices at 11:46AM (1146 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
 Euro/Dollar                  $1.2105        $1.2133     -0.22%         -0.92%      +1.2135     +1.2097
 Dollar/Yen                   105.0050       104.7300    +0.27%         +1.67%      +105.1750   +104.7850
 Euro/Yen                     127.11         127.05      +0.05%         +0.16%      +127.3200   +127.0200
 Dollar/Swiss                 0.8927         0.8898      +0.33%         +0.91%      +0.8931     +0.8901
 Sterling/Dollar              1.3783         1.3816      -0.24%         +0.89%      +1.3816     +1.3776
 Dollar/Canadian              1.2740         1.2703      +0.30%         +0.06%      +1.2755     +1.2695
 Aussie/Dollar                0.7726         0.7755      -0.37%         +0.44%      +0.7756     +0.7720
 NZ                           0.7190         0.7227      -0.50%         +0.14%      +0.7232     +0.7185
 Dollar/Dollar All spots
Tokyo spots
Europe spots 
Tokyo Forex market info from BOJ 

 (Reporting by Julien Ponthus; Editing by Toby Chopra)