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The dollar was almost flat at around ¥103.70 yen in Tokyo trading Monday, as a wait-and-see mood grew before key events in the United States.

At 5 p.m., the dollar stood at ¥103.74, up from ¥103.69 at the same time Friday. The euro was at $1.2067, down from $1.2135, and at ¥125.21, down from ¥125.82.

After fluctuating in the ¥103.80 zone, the dollar eased below ¥103.70 late in the morning, weighed down by the Nikkei stock average’s fall.

In the afternoon, the dollar moved tightly between ¥103.70 and ¥103.80 amid a dearth of market-moving news.

“The dollar-yen pair struggled for direction in thin trading” ahead of a U.S. Senate confirmation hearing for Treasury Secretary nominee Janet Yellen slated for Tuesday and Wednesday’s inauguration of U.S. President-elect Joe Biden, a currency broker said.

An official at a foreign exchange margin trading service firm said investors have had no major reasons to buy the dollar since Biden’s announcement last week of the $1.9 trillion coronavirus relief plan.

“Market players are becoming sensitive to dollar-negative news, such as ones about the coronavirus pandemic’s adverse effects on the global economy,” on the back speculation that the Japanese and U.S. markets are entering a correction phase, the currency broker added.

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