Business / Financial Markets | CURRENCY MARKET

Dollar slightly stronger above ¥110.90 in Tokyo


The dollar was slightly firmer above ¥110.90 in Tokyo trading Monday amid a dearth of major trading incentives.

At 5 p.m. the dollar stood at ¥110.96, up from ¥110.80 at the same time Friday. The euro was at $1.1610, down from $1.1683, and at ¥128.84, down from ¥129.45.

After climbing above ¥111.10 in early trading, the dollar fell below ¥110.90 toward noon in line with the sluggish movements by the Nikkei 225 average and Chinese stocks.

The greenback moved narrowly around ¥110.90 in the afternoon, with its downside supported by a halt to the Nikkei’s drop, traders said.

The U.S. currency “barely budged” in the absence of fresh market-moving factors ahead of the U.S. and Canadian market closure Monday for the Labor Day holiday, an official of an asset management firm said.

A risk-averse mood prevailed among currency market participants against the backdrop of the hard-line trade policies of the administration of U.S. President Donald Trump, a currency market broker said.

The United States and Canada ended their four-day talks Friday without striking a deal to revamp the North American Free Trade Agreement. They will resume discussions Wednesday.

“Concerns are growing that they may not reach an agreement,” according to the broker.