Business / Financial Markets | CURRENCY MARKET

Dollar firms to slightly over ¥110.80 in late Tokyo trading

JIJI

The dollar was slightly firmer above ¥110.80 in late Tokyo trading Tuesday, after cutting early gains in line with a drop in Tokyo stocks.

At 5 p.m., the dollar stood at ¥110.83-83, up from ¥110.62-63 at the same time Monday. The euro was at $1.1349-1350, down from $1.1355-1355, and at ¥125.78-85, up from ¥125.62-62.

The dollar moved around ¥111 in early trading, maintaining its overnight strength abroad that reflected hopes for a U.S.-China trade deal.

The greenback trimmed the gains later in the morning as month-end dollar selling by Japanese exporters took the upper hand.

The weakness of the Nikkei 225 stock average also weighed on the dollar, pushing down the currency to around ¥110.80 around noon.

The dollar moved in a tight range in the afternoon amid a lack of trading incentives, traders said.

Market players retreated to the sidelines to hear congressional testimony by the U.S. Federal Reserve chairman later Tuesday, an official of a foreign exchange margin trading service firm said.

“Yen buybacks were notably observed after the Japanese currency lost ground against currencies other than the dollar the previous day,” a currency broker said.

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