The dollar was softer below ¥111.30 in late Tokyo trading Monday, hurt by weaker-than-expected U.S. jobs data released late last week.
At 5 p.m., the dollar stood at ¥111.26-26, down from ¥111.80-81 at the same time Friday. The euro was at $1.1564-1564, slightly up from $1.1561-1562, and at ¥128.67-67, down from ¥129.26-27.
The dollar moved narrowly against the yen during Tokyo trading hours, though it was briefly lifted by buying on dips against a backdrop of initial strength in Chinese stocks, traders said.
“The dollar’s topside grew heavy, but its downside seemed to be sold,” an official at a major Japanese bank said.
“A risk-on mood did not grow due to Chinese stocks’ failure to maintain their initial strength, keeping active dollar buying for yen in check,” an official at a bank-affiliated securities house said.
“A wait-and-see mood prevailed on the whole with players’ attention shifted to a new round of trade talks between Japan and the United States” set to start in Washington on Thursday, an official of a foreign exchange margin trading service firm said.
Amid a dearth of major fresh trading incentives, players are increasingly cautious about remarks by U.S. President Donald Trump and U.S. Trade Representative Robert Lighthizer over trade policy, market sources said.