Business / Financial Markets | CURRENCY MARKET

Dollar firmer above ¥108.30 in late Tokyo trading

JIJI

The dollar was firmer above ¥108.30 in Tokyo late Monday after cutting early gains due to lower stock prices in Japan and other Asian markets.

At 5.p.m., the dollar stood at ¥108.33-33, up from ¥108.05-05 at the same time Friday. The euro was at $1.1231-1231, down from $1.1267-1267, and at ¥121.68-68, down from ¥121.74-75.

The dollar moved around ¥108.50 in early trading, carrying over its strength in overseas trading brought on by a better than expected U.S. government jobs report, traders said.

The greenback gradually cut early gains later and temporarily fell below ¥108.30 in the afternoon, weighed down by falls in Tokyo and other Asian stocks, traders said.

The dollar moved directionlessly in late trading amid a dearth of trading incentives.

“Geopolitical risks arising from heightened tensions over Iran” prompted investors to avoid risks and sell the dollar against the yen in the afternoon, an official of a foreign securities firm said.

“The dollar became top-heavy around ¥108.50 due to selling on a rally,” the official said.

“Market players found it difficult to trade actively” ahead of U.S. Federal Reserve Chairman Jerome Powell’s congressional testimony Wednesday and Thursday, an official of a foreign exchange margin trading service firm said.