Business / Financial Markets | CURRENCY MARKET

Dollar softer below ¥110.80 in Tokyo

JIJI

The dollar eased past ¥110.80 in Tokyo trading Thursday, dampened by selling to adjust positions ahead of key events.

At 5 p.m., the dollar stood at ¥110.76-76, down from ¥110.88-89 at the same time Wednesday. The euro was at $1.1334-1334, down from $1.1342-1342, and at ¥125.54-55, down from ¥125.77-78.

The dollar lost ground on position-squaring selling versus the yen in early trading and fell further to levels around ¥110.60 in line with the Nikkei stock average’s sluggish movements.

The dollar topped ¥110.80 toward noon. But the U.S. currency fell back to around ¥110.70 in the early afternoon, hit by selling stemming from the Australian dollar’s sharp downturn against the yen. In late trading, the dollar struggled for direction.

“A wait-and-see mood was strong” prior to announcements of U.S. and European economic data, a currency broker said.

Players found it difficult to tilt their positions either way before the start in Washington later on Thursday of two-day high-level trade talks between the United States and China, an official at a foreign exchange margin trading service firm said.