The dollar fluctuated narrowly around ¥108.60 in Tokyo trading Tuesday amid a dearth of fresh incentives.
At 5 p.m., the dollar stood at ¥108.62-62, against ¥108.56-57 at the same time Monday. The euro was at $1.1070-1070, against $1.1065-1065, and at ¥120.24-31, up from ¥120.13-14.
After rising to around ¥108.60 in the morning thanks to position-adjusted buying, the dollar fluctuated around ¥108. 60 for the rest of the day.
“It is difficult for the dollar-yen rate to move either way as there are many (key) events this week,” an official at an asset management company said.
The U.S. Federal Reserve’s two-day policy-setting meeting will run until Wednesday, the European Central Bank will hold a policy-setting meeting Thursday and a general election will be held in Britain on Thursday as well.
An official at another asset management firm said the market’s “primary focus is on the developments of the U.S.-China trade negotiations,” with the implementation of additional U.S. tariffs on Chinese goods scheduled for Sunday.