The dollar rose above ¥108.60 in Tokyo trading Thursday as a risk-off mood receded thanks to a stock market rise and continued hopes for the signing of a U.S.-China trade deal.
At 5 p.m., the dollar stood at ¥108.67, up from ¥108.37 at the same time Wednesday. The euro was at $1.1147, up from $1.1124-1125, and at ¥121.10, up from ¥120.56.
After moving around ¥108.60 on a firm note amid unabated expectations for progress in the ongoing U.S.-China trade talks, the dollar gathered steam in late afternoon trading.
The greenback met with selling by exporters when it topped ¥108.68, a market source said.
“But solid performance of Tokyo stocks prevented risk-averse yen-buying against the dollar,” said an official at a major securities firm.
An official at a foreign exchange margin trading service firm pointed out that players sat on the fences ahead a policy-setting meeting of the European Central Bank and a news conference by ECB President Mario Draghi later Thursday.