Business / Financial Markets | CURRENCY MARKET

Dollar almost flat above ¥111.10 in late Tokyo trading

JIJI

The dollar was almost flat above ¥111.10 in Tokyo trading late Tuesday, after giving up earlier gains in step with Japanese stock prices.

At 5 p.m., the dollar stood at ¥111.14-14, down from ¥111.15-16 at the same time on Monday. The euro was at $1.1685-1686, up from $1.1599-1600, and at ¥129.87-88, up from ¥128.92-95.

The dollar moved around ¥111.00-10 in the early morning.

The U.S. currency rose above ¥111.30 later in the morning, as a wide range of Japanese stocks attracted purchases thanks to some receding of concerns over global trade friction, traders said.

A U.S.-Mexico broad trade agreement to revise the North American Free Trade Agreement, announced Monday by U.S. President Donald Trump, eased market concerns over global trade friction, market sources said.

In the afternoon, the greenback turned easier as the benchmark 225-issue Nikkei stock average cut earlier gains.

“Dollar buying weakened as the Nikkei failed to go over 23,000” on a closing basis, an official of a foreign exchange margin trading service company said.

“The dollar’s downside was limited to around ¥111,” an official of a brokerage firm-linked think tank said, noting a lack of strong dollar selling.

The margin trading service firm official pointed to a dearth of trading incentives for the dollar to rise further. “There are some technical resistance lines (for the dollar) around ¥111.50,” the official said.