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The dollar strengthened modestly to around ¥103.80 after moving tightly in Tokyo trading Tuesday amid a wait-and-see mood ahead of key events in the United States.

At 5 p.m., the dollar stood at ¥103.80, up from ¥103.70 at the same time Monday. The euro was at $1.2112, down from $1.2178, and at ¥125.74, down from ¥126.28.

The dollar struggled for direction at around ¥103.70 for most of the Tokyo session, sandwiched between buying on demand for highly fluid assets amid growing concerns over the European economy and selling triggered by a drop in U.S. long-term interest rates.

Players refrained from tilting their positions either way before the start of the U.S. Federal Reserve’s two-day Federal Open Market Committee meeting through Wednesday and earnings announcements by Microsoft Corp. and other major U.S. companies, traders said.

Media reports saying China will conduct military drills in the South China Sea this week turned investors risk-averse. But the dollar-yen pair moved little as both currencies enjoyed safe-haven purchases, a Japanese bank official pointed out.

Dollar-buying slightly took the upper hand following the greenback’s appreciation against the euro and other European currencies in late afternoon trading, joined also by European players.

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