The dollar climbed above ¥107.70 in Tokyo on Tuesday, aided by growing risk appetite reflecting an overnight rise of U.S. equities.
At 5 p.m., the dollar stood at ¥107.72, up from ¥107.19 at the same time Monday. The euro was at $1.1222, down from $1.1243, and at ¥120.89, up from ¥120.51.
In New York on Monday, the dollar briefly topped ¥107.80 as the U.S. Dow Jones Industrial Average rebounded sharply thanks in part to the release of better-than-expected pending home sales data for May, traders said.
In early Tokyo trading Tuesday, the greenback fell below ¥107.60 due to selling on a rally.
The dollar spurted above ¥107.70 in midmorning trading, supported by buying linked to month- and quarter-end demand and purchases induced by a surge of Japan’s key 225-issue Nikkei average, market sources said.
The greenback gave up some of the gain in late trading, however, weighed by renewed selling.
“Dollar-buying lost steam when the currency rose close to ¥108,” an official of a Japanese bank said.
“Trading was directionless, with market players mainly adjusting positions at the end of the month,” another bank official said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.