Business / Financial Markets | CURRENCY MARKET

Dollar goes sideways around ¥105.80 in Tokyo trading

JIJI

The dollar narrowly fluctuated at around ¥105.80 amid a dearth of fresh incentives in Tokyo trading Wednesday.

At 5 p.m., the dollar stood at ¥105.73-74, unchanged from the same time Tuesday. The euro was at $1.1093-1093, down from $1.1108-1109, and at ¥117.27-32, down from ¥117.45-47.

The dollar briefly rose close to ¥105.90 toward noon as real demand-backed buying took the upper hand. But the greenback was pushed down below ¥105.80 by selling on the temporary recovery.

The dollar-yen pair went sideways, as “players were unable to tilt positions either way, bracing for any fresh news concerning the U.S.-China trade conflict,” said an official at a foreign exchange margin trading service firm.

Another market source noted that the dollar’s downside is solid thanks to expectations for progress in trade talks between the world’s two largest economies. But active dollar buying is unthinkable for now because the U.S. Federal Reserve is going to cut interest rates next month, the source quickly added.

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