Business / Financial Markets | CURRENCY MARKET

Dollar eases to around ¥109.80 in Tokyo trading

JIJI

The dollar weakened to around ¥109.80 in Tokyo trading Monday amid unabated concerns over the spreading outbreak of a new coronavirus.

At 5 p.m., the dollar stood at ¥109.80, down from ¥109.92-93 at the same time Friday. The euro was at $1.0947-0948, down from $1.0966, and at ¥120.21-22, down from ¥120.56.

After moving in a range around ¥109.60, the dollar was lifted above ¥109.80 in the late morning by buybacks after Tokyo and Shanghai stocks showed some resilience.

The greenback repeated minor fluctuations around ¥109.80 in the afternoon amid a dearth of fresh trading incentives.

Market attention has shifted to congressional testimonies by U.S. Federal Reserve Chairman Jerome Powell set for Tuesday and Wednesday, market sources said.

The Fed, which underscored in a congressional report Friday the possibility of the coronavirus outbreak presenting a new risk to the U.S. economic outlook, seems to have grown “a little more dovish,” an official at a foreign exchange margin trade service firm said.

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