The dollar crept up to around ¥104.90 in Tokyo trading Monday, thanks to buying to square positions.

At 5 p.m., the dollar stood at ¥104.84, up from ¥104.68 at the same time Friday. The euro was at $1.1830, up marginally from $1.1828, and at ¥124.07, up from ¥123.82.

The dollar moved tightly around ¥104.70 early in the morning. But it climbed to around ¥104.90 in midmorning trading after strengthening against the Chinese yuan in the wake of the People’s Bank of China’s cut in the yuan’s reference rate against the U.S. currency.

The dollar rose close to ¥105 in the late afternoon thanks to purchases by European players in view of the euro and the British weakening against the dollar. But the greenback failed to attract follow-through buying.

“Market participants have been reluctant to tilt their positions either way as they have yet to predict who will win the U.S. presidential race,” a currency broker said.

The coronavirus resurgence in Europe and uncertainties over a fresh stimulus package in the United States have made it difficult for players to move actively, a Japanese bank official said.

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