The dollar eased below ¥102.80 in Tokyo trading Wednesday, as active buying was held in check before a key U.S. election showed results.

At 5 p.m., the dollar stood at ¥102.76, down from ¥102.94 at the same time Tuesday. The euro was at $1.2338, up from $1.2259, and at ¥126.79, up from ¥126.19.

The dollar weakened to around ¥102.60 in overnight overseas trading, as risk appetite grew following the release of the better-than-expected U.S. manufacturing purchasing managers’ index for December and a jump in crude oil prices prompted by oil producer nations’ decision to forgo substantial output cuts.

In the morning, the greenback rebounded to around ¥102.80 thanks to purchases by Japanese importers for payment purposes. It was also supported by speculation that incoming U.S. President Joe Biden’s administration will issue more Treasury securities to fund stimulus measures, after the U.S. media reported that Democratic candidates were taking lead over Republican rivals in the pivotal Senate runoff in Georgia.

But the dollar failed to attract follow-through buying in the afternoon.

“Players refrained from active transactions to wait for the final election results,” a currency broker said.

Selling outpaced buying due to the persistent view that the U.S. currency will basically depreciate as long as the Federal Reserve keeps its easing policy unchanged, according to a Japanese bank official.

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