The dollar rose to around ¥104.70 in lackluster Tokyo trading Monday, amid a wait-and-see mood ahead of the release of key U.S. economic data.

At 5 p.m., the dollar stood at ¥104.74, up from ¥104.54 at the same time Friday. The euro was at $1.2127, up from $1.2104, and at ¥127.02, up from ¥126.54.

After moving around ¥104.80 in early trading, the dollar slipped to around ¥104.60 later in the morning, hit by real demand-backed selling.

The U.S. currency then fluctuated mainly around ¥104.60 throughout the afternoon, as market participants retreated to the sidelines ahead of the release later on Monday of the U.S. manufacturing industry purchasing managers’ index for January, compiled by the Institute for Supply Management.

“Market participants are watching closely the manufacturing PMI to see if it will serve as a trading incentive to trigger dollar buying. The dollar may rise above ¥105 if the results are strong,” an official at an asset management firm said.

While investors were wary of a volatile U.S. stock market following last week’s tumultuous movements caused by speculative trading by individual investors, an official at a Japanese bank said that currency market players are waiting to see when the dollar will come underselling after being actively bought in the previous week.

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