Business / Financial Markets | CURRENCY MARKET

Dollar tops ¥110.20 in Tokyo trading amid rosy U.S. indicators

JIJI

The dollar rose above ¥110.20 in Tokyo trading Friday thanks to strong U.S. economic indicators.

At 5 p.m., the dollar stood at ¥110.21-21, up from ¥109.97-98 at the same time Thursday. The euro was at $1.1136-1136, down from $1.1147-1151, and at ¥122.73-74, up from ¥122.60-60.

The dollar surpassed ¥110.10 in overnight trading following the release of strong U.S. economic figures, such as December retail sales and the Federal Reserve Bank of Philadelphia’s manufacturing index for January.

The greenback accelerated its upswing and came close to ¥110.30 in the midmorning thanks to real demand-backed buying. Although it pared some of the early gains in the afternoon, the dollar firmed back above ¥110.20 in late trading.

Amid receding concerns over Brexit, the Middle East situation and U.S.-China trade, a “risk-on” mood is spreading, an official at a foreign-exchange margin trading service said.

“But dollar-buying failed to gather momentum due to a dearth of fresh incentives,” said a trust bank official.

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