Business / Financial Markets | CURRENCY MARKET

Dollar falls below ¥109.80 in Tokyo ahead of three-day weekend


The dollar weakened below ¥109.80 in Tokyo trading Friday as investors refrained from active transactions ahead of a three-day weekend.

At 5 p.m., the dollar stood at ¥109.74-74, down from ¥109.91-91 at the same time on Thursday. The euro was at $1.1338-1338, down from $1.1353-1354, and at ¥124.45-45, down from ¥124.81-81.

The dollar rose above ¥109.80 on real demand-backed buying in the morning. But the greenback later was pressured by a further plunge in the Nikkei stock average and position-adjustment sales before the long weekend, traders said. The Tokyo market will be closed on Monday for a national holiday.

Investor sentiment toward the dollar was bearish against a backdrop of global stock sell-offs caused by dashed hopes for a U.S.-China trade deal and lowered eurozone growth estimates, a currency broker said.

But the dollar-yen pair was confined to a narrow range as a lack of fresh market-moving factors pressured players to stay calm, an official at a foreign-exchange margin trading firm said.