The dollar firmed to around ¥103.60 in Tokyo trading Monday, while European currencies were battered by renewed concerns over the coronavirus pandemic in the region.
At 5 p.m., the dollar stood at ¥103.59-60, up from ¥103.46-46 at the same time Friday. The euro was at $1.2175-2176, down from $1.2247-2248, and at ¥126.13-14, down from ¥126.72-72.
The dollar topped ¥103.50 in the morning, after strengthening against the British pound in the wake of a fresh lockdown coming into force Sunday in London and other parts of Britain amid a resurgence of the novel coronavirus.
The dollar eased later and fluctuated between ¥103.30 and ¥103.40 in most of afternoon trading, pressured by the 225-issue Nikkei stock average’s fall and media reports that the United States finally worked out a new coronavirus relief package.
In the late afternoon, however, the greenback bounced back above ¥103.50 on buying stemming from its renewed strength against European currencies.
Players accelerated selling of the pound as well as the euro “because a mutant strain of the coronavirus was detected in Europe,” a currency broker said, adding that uncertainties over post-Brexit talks between Britain and the European Union continued to weigh down the European currencies.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.