Business / Financial Markets | CURRENCY MARKET

Greenback fades to around ¥108.70 in Tokyo ahead of data releases, policy meetings

JIJI

The dollar crept down to around ¥108.70 in subdued Tokyo trading Friday ahead of the release of a closely watched U.S. economic indicator.

At 5 p.m., the dollar stood at ¥108.66-66, down from ¥108.88-88 at the same time Thursday. The euro was at $1.1106-1107, up from $1.1080-1080, and at ¥120.69-69, up from ¥120.65-65.

The dollar firmed above ¥108.70 on real demand-backed buying and a media report that said China would wave tariffs on some U.S. farm products.

But the greenback eased as investors retreated to the sidelines to wait for the U.S. Labor Department’s jobs report for November due later Friday.

An official at a major Japanese bank said the dollar has been under pressure from dismal U.S. data recently.

“Players found it unadvisable to tilt their positions either way” ahead of not only the job report, but key events next week, including policy-setting meetings of the U.S. Federal Reserve and the European Central Bank, and the British general election, an official at a foreign-exchange margin trading service firm said.