Business / Financial Markets | CURRENCY MARKET

Dollar slightly eases to around ¥107.40 in Tokyo trading


The dollar lost modest ground to around ¥107.40 in Tokyo trading Monday amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥107.40-41, down from ¥107.44-45 at the same time Friday. The euro was at $1.1376, up from $1.1311, and at ¥122.19, up from ¥121.54.

The dollar temporarily fell below ¥107.30 in the morning after a moderate earthquake rocked Chiba Prefecture and Tokyo. But it soon bounced back above the level, supported by buying by Japanese importers, traders said

The greenback moved in a tight range around ¥107.40 in the afternoon.

“The dollar’s topside proved heavy,” said an official at a foreign exchange margin trading service firm.

Meanwhile, a currency broker pointed out that the U.S. currency was “underpinned by position-squaring purchases.”

“Players would find it difficult to tilt their positions either way” prior to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to be held on the sidelines of the two-day Group of 20 summit in Osaka from Friday, a major bank official said.