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The dollar turned almost static at levels around ¥109.55 after firming in Tokyo trading Tuesday.

At 5 p.m., the dollar stood at ¥109.59-59, up from ¥109.40-40 at the same time Monday. The euro was at $1.1142-1142, down from $1.1145-1145, and at ¥122.10-11, up from ¥121.93-93.

The dollar rose above ¥109.60 in overnight trading after appreciating against the British pound. But the dollar pared some of its gains in the early morning and turned nearly motionless later amid a dearth of fresh trading incentives.

The “phase one” agreement between the United States and China has “removed the immediate trade war worry” from the market, an official at a foreign exchange margin trading service firm said.

“But players cannot be fully relieved until the agreement is actually sealed,” an official at a bank-affiliated securities firm said. “Investors have seen only media reports on portions of the deal that work in favor of the United States.”

“Having finished squaring their positions, players now have no reasons to move without incentives,” another market source said.

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