Business / Financial Markets | CURRENCY MARKET

Dollar rises above ¥106.50 in Tokyo on news of U.S.-China ministerial talks


The dollar rose above ¥106.50 in Tokyo Friday after receiving a lift from receding concerns about the U.S.-China trade conflict.

At 5 p.m. the dollar stood at ¥106.51-51, up from ¥106.10-10 at the same time Thursday. The euro was at $1.1037-1038, down from $1.1082-1082, and at ¥117.56-57, down from ¥117.58-59.

The dollar traded at ¥106.40-50 in the early morning after rising above ¥106.60 in overseas trading following media reports that a Chinese commerce ministry spokesman confirmed working-level consultations between Washington and Beijing were ongoing over proposed ministerial-level trade talks in September, market sources said.

After dipping below ¥106.40 on month-end selling by Japanese exporters around midmorning, the dollar firmed back toward noon. In the afternoon, the greenback was pressured by profit-taking and position-squaring selling before being lifted by a news about China’s positive stance toward the talks with the United States.

The market is paying close attention on developments to follow the U.S. government’s plan to impose additional tariffs on Chinese goods on Sunday, a currency broker said.

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