By Lisa Twaronite
TOKYO (Reuters) - Asian stocks were pressured in early trading on Friday, though data showing strong U.S. growth calmed nerves in emerging markets after several days of turmoil.
The dollar regained the upper hand as the solid data supported the view that the Federal Reserve will continue to taper its massive stimulus.
With several countries, including Hong Kong and Singapore, observing the Lunar New Year holiday, volume across the region was expected to be lighter than usual.
S&P 500 e-mini futures climbed 0.2 percent, after the S&P 500, the Dow Jones industrial average and the Nasdaq Composite all ended with solid gains on Thursday.
But MSCI's broadest index of Asia-Pacific shares outside Japan was a touch lower in early trade, losing about 0.1 percent.
U.S. Commerce Department data on Thursday showed gross domestic product grew at a 3.2 percent annualised pace in the fourth quarter of 2013, to round out the biggest half-year increase since 2003.
"Of course, there are always areas of concern and pockets of weakness with fixed residential investment declining and overall growth slowing but in general, the data was positive for the dollar," Kathy Lien, managing director at BK Asset Management, said in a note to clients.
The upbeat U.S. growth data helped calm markets roiled by anxiety about emerging markets.
The hard-hit Turkish lira TRY= and South African rand ZAR= rebounded. Russia's central bank pledged unlimited foreign exchange interventions if the ruble strays outside its target band.
The U.S. dollar index traded at one-week highs against a basket of major currencies in early trading, rising as far as 81.135 from Thursday's low of 80.545.
The dollar was nearly flat against the euro at $1.3557, and gained 0.1 percent against the yen to 102.67 yen, moving away from a seven-week low of 101.77 yen hit on Monday.
The euro slipped about 0.1 percent against the yen to 139.20 yen, moving back toward an eight-week low of 138.90 yen.
Despite the relative calm in emerging markets, investors remain wary after the Fed decided this week to stay the course on its stimulus withdrawal and reduced its bond purchases for a second time, to $65 billion per month from $75 billion as expected.
The Fed's stimulus tapering has revived perennial concerns that capital will flow out of emerging markets.
(Editing by Shri Navaratnam)
