The dollar inched up to around ¥105.40 in calm Tokyo trading Monday amid a growing wait-and-see mood ahead of the U.S. presidential election early next month.
At 5 p.m., the dollar stood at ¥105.38, up from ¥105.28 at the same time Friday. The euro was at $1.1722, up from $1.1715, and at ¥123.53, up from ¥123.36.
The dollar rose close to ¥105.50 on buying induced by the 225-issue Nikkei average’s vigorous start. But the greenback lost steam after China reported slower-than-expected economic growth for July-September. The dollar went sideways around ¥105.40 in the afternoon as players retreated to the sidelines.
“Bracing for a surprise, investors do not want to tilt their positions either way until they see the concrete outcome of the election,” an official at a foreign exchange trading service firm said, forecasting that the dollar-yen pair would keep moving nervously for the time being.
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