Business / Financial Markets | CURRENCY MARKET

Dollar rises above ¥106.50 in Tokyo

JIJI

Renewed expectations for easing of the U.S.-China trade tensions helped the dollar rise above ¥106.50 in Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥106.51-52, up from ¥106.23 at the same time on Wednesday. The euro was at 1.$1038-1041, up from $1.0991-0992, and at ¥117.58-59, up from ¥116.76-77.

After firming into a range above ¥106.40 thanks to receding concerns over a no-deal Brexit and the Hong Kong situation, the dollar topped ¥106.70 in the wake of China’s announcement that it will hold ministerial trade talks with the United States in early October after a one-month delay, traders said.

In the afternoon, the greenback bowed to profit-taking.

Despite a string of positive news, including the Hong Kong government’s complete withdrawal of an extradition bill and parliamentary moves in Britain to block the country’s exit from the European Union without any sort of deal, “the dollar-yen pair failed to rise much,” an official at a Japanese securities firm said.

“Unless the dollar breaks the resistance line around ¥106.80, it cannot seek higher ground,” an official at a foreign-affiliated brokerage firm said.

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