Business / Financial Markets | CURRENCY MARKET

Dollar rises above ¥110 in Tokyo trading

JIJI

The dollar rose above ¥110 in Tokyo on Monday, backed by better than expected Japanese economic growth data, but its upward momentum lacked vigor.

At 5 p.m., the dollar stood at ¥110.10-11, up from ¥109.72-72 at the same time Friday. The euro was at $1.1163-1163, down from $1.1177-1177, and at ¥122.91-91, up from ¥122.64-64.

In morning trading, the dollar climbed above ¥110.30 thanks to a Japanese government report that the gross domestic product for January-March posted growth in contrast to market expectations for a negative reading.

But the greenback lost steam later and traded around ¥110.10 in late trading.

A think tank official pointed out that the market saw a “crosscurrent of buying and selling to adjust positions after overseas players started the day’s trading.”

Currency market players were waiting for U.S. Federal Reserve Chairman Jerome Powell’s lecture in Florida on Monday, traders said.

“It would not be surprising if hawkish remarks come from Powell as stock prices are moving on a firm note,” an official of a Japanese bank said.

Players are waiting for news related to trade friction between the United States and China, the think tank official said.