Business / Financial Markets | CURRENCY MARKET

Dollar slightly firmer around ¥109.60 in late Tokyo trading


The dollar was slightly firmer around ¥109.60 in late Tokyo trading Monday after fluctuating within a narrow range much of the day.

At 5 p.m., the dollar stood at ¥109.58-58, up from ¥109.50-50 at the same time Friday. The euro was at $1.1017-1017, up from $1.1011-1011, and at ¥120.73-74, against ¥120.57-57.

After moving around ¥109.50 in early trading, the dollar rose near ¥109.70 by the late morning, supported by rosy outcomes of China’s manufacturing purchasing managers’ index for November, announced Saturday, and the Caixin manufacturing industry purchasing managers’ index, released Monday.

In the afternoon, the greenback cut its gains gradually amid a dearth of fresh market-moving news, traders said.

“Amid lingering expectations for progress in U.S.-China trade talks, the focus is moving to the firmness of the global economy,” an official at a life insurance company said.

The Institute for Supply Management was to announce the U.S. manufacturing index for November later Monday.

“With China’s economy recovering, it is unlikely that the United States will go the other way,” said an official at a major securities firm.

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