The dollar edged up to around ¥103.70 in late Tokyo trading Friday after a generally lackluster session brought on by an absence of fresh trading incentives.
At 5 p.m., the dollar stood at ¥103.67, up from ¥103.52 at the same time Thursday. The euro was at $1.2156, up from $1.2119, and at ¥126.03, up from ¥125.46.
The greenback rose to around ¥103.60 in the morning thanks to dollar buying by Japanese importers for settlement purposes, but it faced downward pressure in the early afternoon to fluctuate around ¥103.50.
“Market participants increasingly took a wait-and-see attitude ahead of the weekend,” an official at a foreign exchange margin trading service company said.
In late trading, the U.S. currency climbed to around ¥103.70, as the currencies of resources-rich nations fell on lower crude oil futures and European currencies lost ground following weaker-than-expected economic data in Britain.
Market players’ risk appetite remains robust, supported by hopes for a recovery in the U.S. economy, market sources said.
An official at a Japanese bank said that “dollar-selling pressure has grown weaker,” with the benchmark 10-year U.S. Treasury yield moving above 1%.
“The dollar is expected to mainly move within the ¥103 range,” with market participants watching closely over U.S. President Joe Biden’s policies and the results of a two-day policy-setting meeting of the U.S. Federal Reserve next week, a currency broker said.
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