The dollar eased slightly on late selling to take profits after fluctuating in a narrow range around ¥107.80 for most of Tokyo trading Monday.
At 5 p.m., the dollar stood at ¥107.69-70, down from ¥107.80-80 at the same time Friday. The euro was at $1.0867-0868, up from $1.0828-0829, and at ¥117.05-05, up from ¥116.73-74.
The dollar rose close to ¥107.90 in the midmorning thanks to real demand-backed buying. After going sideways at levels around ¥107.80 without major market-moving events, however, the greenback came under profit-taking pressure in late afternoon trading, traders said.
"The dollar-yen pair has been struggling for direction," an asset manager said, pointing out that although some parts of the United States have passed the peak for new coronavirus cases, concerns over the pandemic's devastating effects on the economy, yet to become fully visible, have prevented U.S. long-term interest rates from going up.
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