Business / Financial Markets | CURRENCY MARKET

Dollar claws back lost ground after Tokyo slip below ¥108.70 prompted by U.S.-China rumors

JIJI

After slipping through ¥108.70, the dollar recovered lost ground on late buying in Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥108.95-95, down slightly from ¥108.97-97 at the same time Wednesday. The euro was at $1.1075-1075, down from $1.1079-1079, and at ¥120.67-67, down from ¥120.74-74.

Following a drop below ¥108.90 in overnight trading prompted by a media report that U.S. President Donald Trump and Chinese counterpart Xi Jinping might not sign the so-called phase one trade deal until December, the dollar rebounded to top ¥109 early in the morning.

But the greenback met with real demand-backed selling in midmorning and went sideways at around ¥108.70 until it was catapulted in late afternoon trading.

Another news report that the United States and China agreed to remove fresh tariffs in stages led to the late position-squaring dollar buying by short-term players, traders said.

“Investors were confused by mixed media reports on U.S.-China trade talks,” a currency broker said.

GET THE BEST OF THE JAPAN TIMES
IN FIVE EASY PIECES WITH TAKE 5