Business / Financial Markets | CURRENCY MARKET

Greenback strengthens to ¥111.60 in Tokyo on U.S. GDP data

JIJI

The dollar was firmer above ¥111.60 in Tokyo trading late Thursday amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥111.61-62, up from ¥111.18-18 at the same time on Wednesday. The euro was at $1.1702-1702, up from $1.1665-1666, and at ¥130.61-62, up from ¥129.70-71.

The dollar hovered around ¥111.70 in the early morning after attracting purchases overseas on the back of stronger-than-expected revised U.S. gross domestic product data for April-June, traders said.

The greenback fell to levels near ¥111.50 in midmorning trading as Japan’s benchmark 225-issue Nikkei stock average cut gains.

The dollar moved narrowly around ¥111.60-70 in the afternoon amid a lack of new trading factors, an official at a major life insurer said.

Active dollar buying was held in check as the Nikkei average became top-heavy, an official of a think tank said.

In foreign trading overnight, the British pound surged and the euro gained ground after concerns about the prospect of Britain exiting the European Union without an agreement receded to some extent.

In late trading in Tokyo, the dollar lost ground against the yen, pressured by sales of dollars against the euro by European players, a trust bank official said.