Business / Financial Markets | CURRENCY MARKET

Dollar weaker below ¥108.70 in late Tokyo trading

JIJI

The dollar was weaker below ¥108.70 in Tokyo trading late Friday, with investors retreating to the sidelines to see developments over Britain’s exit from the European Union.

At 5 p.m., the dollar stood at ¥108.64-64, down from ¥108.83-84 at the same time Thursday. The euro was at $1.1124-1124, up from $1.1077-1077, and at ¥120.86-86, up from ¥120.56-56.

After moving around ¥108.60 in the early morning, the dollar rose to levels close to ¥108.70 in midmorning trading, aided by real demand-backed buying, traders said.

The greenback traded mainly between ¥108.50 and ¥108.60 in the afternoon amid a dearth of fresh trading incentives.

Britain and the EU struck a deal that could seem them avoid a so-called no-deal Brexit.

“The market’s main focus is whether the new Brexit deal can gain approval from the House of Commons on Saturday. The pound’s movements (in response to Brexit developments) will likely affect the dollar-yen rate,” a currency broker said.

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