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Dollar firms around ¥102.50

JIJI

The dollar was firmer around ¥102.50 in Tokyo trading Friday, supported by dollar purchases that set in as Tokyo stocks cut losses toward the close.

At 5 p.m., the dollar was quoted at ¥102.47-48, up from ¥102.19-20 at the same time on Thursday. The euro stood at $1.3853-3855, down from $1.3885-3885, and at ¥141.96-97, up from ¥141.90-91.

The dollar rose against the Japanese currency in Tokyo amid a cautious mood ahead of the U.S. Labor Department’s announcement of jobs data for April later on Friday and a four-day weekend to Tuesday in Japan due to national holidays.

The developments came after the greenback moved narrowly in foreign trading overnight despite the U.S. Institute for Supply Management’s strong manufacturing index for April released on Thursday, traders said.

“The dollar was firm versus the yen even though (Tokyo) stock prices eased,” a currency market broker said. “Adjustment purchases seem to have been placed (for the dollar ) as stocks showed some resilience.”

Other market players noted support from options-linked dollar buying. But overall activity was quiet in the dollar-yen sector ahead of the jobs data and the holidays in Japan, according to traders.

The Labor Department’s report is expected to show a nonfarm payroll increase of 210,000 to 220,000 during April. But many players are increasingly anticipating stronger results.

“The dollar will likely meet with sales if the job increase is limited to around 200,000,” said an official of a foreign exchange margin trading service firm.