The dollar eased to around ¥108.60 in lackluster Tokyo trading Monday.
At 5 p.m., the dollar stood at ¥108.56-57, down from ¥108.66-66 at the same time Friday. The euro was at $1.1065-1065, down from $1.1106-1107, and at ¥120.13-14, down from ¥120.69-69.
After rising to ¥108.90 in overseas trading late last week, thanks to better than expected U.S. employment data, the dollar fell back to around ¥108.60 in early morning of Tokyo trading.
The greenback then fluctuated between ¥108.50 and ¥108.60 for the majority of the day.
An official at a foreign exchange margin trading service company suggested that many investors were reluctant to tilt their positions on the dollar-yen pair as “the market tone tends to change drastically on (news) related to the U.S.-China trade negotiations.”
It is difficult for the dollar-yen rate to move either way before key events this week, including policy-setting meetings of the U.S. Federal Reserve and the European Central Bank, as well as the British general election, an official at another foreign exchange margin trading service company said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.