The dollar was almost unchanged around ¥104.50 in Tokyo trading Tuesday amid a dearth of fresh incentives.
At 5 p.m., the dollar was at ¥104.47-47, almost unchanged from ¥104.42-47 at the same time Monday. The euro was at $1.1846-1846, down from $1.1855-1855, and at ¥123.76-76, down from ¥123.83-83.
Trading was directionless although the Nikkei stock average rose above 26,000 for the first time in over 29 years on progress in coronavirus vaccine development.
Traders took to the sidelines ahead of the release of U.S. economic statistics for October.
Stock prices in Japan and the United States were driven higher by news of U.S. biopharmaceutical company Moderna Inc. confirming that its coronavirus vaccine is 94.5% effective.
But currency traders “cannot be optimistic about the outlook,” an official at a Japanese bank said, citing the continued spread of the virus and the introduction of lockdowns in the United States.
Players are also “keeping a close eye on trade talks between Britain and the European Union,” an official at a foreign exchange margin trading service provider said.
The dollar is expected to remain in a tight range from ¥104 to ¥105.50, an official at a foreign exchange brokerage house said.
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