The dollar rose to around ¥104.20 in Tokyo trading Wednesday, while most of players were waiting for key events in Europe.
At 5 p.m., the dollar stood at ¥104.22, up from ¥104.07 at the same time Tuesday. The euro was at $1.2127, up from $1.2112, and at ¥126.40, up from ¥126.07.
The dollar went sideways in the ¥104.10 zone until around 3 p.m. due to a dearth of fresh trading incentives. The 225-issue Nikkei average’s rebound little moved the dollar-yen pair.
But the greenback rose above ¥104.20 later thanks to purchases induced by the appreciation of European currencies including the euro against the yen, amid heightened expectations for coronavirus vaccination to spread across Europe.
Dollar-yen trading was generally lackluster, with most of participants “focusing their attention on talks over a post-Brexit deal between British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen” to be held later on Wednesday, a currency dealer said.
Players also refrained from active transactions ahead of the European Central Bank’s policy meeting set for Thursday, another source said.
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