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Dollar moves tightly around ¥113.70 in Tokyo


The dollar traded in a narrow range around ¥113.70 in Tokyo trading on Monday, with investors refraining from active trading due to the lack of major trading pegs.

At 5 p.m., the dollar stood at ¥113.71-71, down from ¥113.87-91 at the same time Friday. The euro was at $1.0968-0968, up from $1.0950-0951, and at ¥124.72-73, almost unchanged from ¥124.68-70.

After moving around ¥113.80 in early trading, the dollar fell to near ¥113.50 in line with falls in Tokyo stock prices.

Still, the dollar resisted falling further, partly aided by a solid performance of the Shanghai stock market.

The dollar was later stuck in a tight range around ¥113.70 in the absence of fresh trading incentives.

“The dollar was pressured by slower growth in the average wage shown in the U.S. government’s job report for February released late last week,” an official at a foreign exchange margin trading service firm said.

“The results of the U.S. jobs report did not prompt speculation over another interest rate increase in the United States,” one market source said.

In late hours, market players retreated to the sidelines ahead of a series of monetary policy meetings in Europe, Japan and the United States this week and next.

The European Central Bank will hold its policy-setting meeting on Thursday. The Bank of Japan is schedule to hold its two-day Policy Board meeting on March 14-15, while the U.S. Federal Reserve’s next Federal Open Market Committee meeting is planned for March 15-16.