Business / Financial Markets

Dollar dips below ¥107.50 ahead of U.S. jobs report

Jiji

The dollar went slightly below ¥107.50 while repeating minor ups and downs in Tokyo trading Thursday.

At 5 p.m., the dollar stood at ¥107.48-48, down from ¥107.57-57 at the same time Wednesday. The euro was at $1.1280-1281, up from $1.1231-1231, and at ¥121.24-25, up from ¥120.81-83.

The dollar weakened to around ¥107.40 in the early morning following a rise in overnight trading thanks to stronger-than-expected U.S. economic data. But the greenback came back into a range above ¥107 by noon, buoyed by Japanese importers’ purchases for settlement purposes and buying induced by the Nikkei stock average’s solid moves. In the afternoon, the dollar saw selling pressure regrow to some extent.

Investors held active trading in check in the afternoon to wait for the release later in the day of the U.S. government’s employment report for June, traders said.

“We’re watching whether the jobs data will change players’ dollar-yen strategies,” an asset manager said.

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