Business / Financial Markets | CURRENCY MARKET

Dollar sinks below ¥107.50 in Tokyo


The dollar eased below ¥107.50 in Tokyo trading on Monday, weighed down by position-adjustment selling.

At 5 p.m., the dollar stood at ¥107.19-20, down from ¥107.63-64 at the same time on Friday. The euro was at $1.2357-2358, up from $1.2341-2341, and at ¥132.47-47, down from ¥132.84-84.

The dollar rose to levels around ¥107.50 early in the morning thanks to buybacks after moving around ¥107.30-40 in overseas trading late last week.

But selling to adjust positions by speculative or real demand-backed players sent the U.S. currency below ¥107.20 shortly before noon, market sources said.

In late trading, the dollar moved in a narrow ¥107.10-30 range.

Although the market impact of U.S.-led airstrikes against the Syrian regime on Friday was limited, the greenback’s topside was capped “amid continued tensions in U.S.-Russia relations,” an official at a currency brokerage house said.

The dollar met with “position-adjustment selling versus the yen ahead of a summit meeting” between Prime Minister Shinzo Abe and U.S. President Donald Trump in Florida, scheduled for Tuesday and Wednesday, an official at a foreign exchange margin trading service firm said.

Market players “are paying attention to whether any progress will be made on issues including North Korea and trade” at the Japan-U.S. summit, a foreign exchange broker said.