The dollar moved narrowly around ¥110.70 in Tokyo trading Thursday amid a dearth of fresh trading incentives.

At 5 p.m., the dollar stood at ¥110.68, slightly down from ¥110.72 at the same time on Wednesday. The euro was at $1.1740, up from $1.1731, and at ¥129.95, up from ¥129.89.

The dollar firmed to around ¥110.80 in the morning on buying by importers for settlement purposes, before falling back on profit-securing and position-squaring selling amid a slide in U.S. interest rates in off-hours trading.

The greenback moved in a narrow range in the afternoon as market players took to the sidelines ahead of the release of key U.S. economic indicators, such as the Institute of Supply Management purchasing managers’ index for March, due out later Thursday, and employment data for the same month Friday.

The wait-and-see mood also came as a result of mainly European players preparing for the Good Friday market holiday.

U.S. President Joe Biden’s infrastructure spending package barely affected the market, with an official at a Japanese bank saying that there were no surprises in the announcement.

Despite the mixed trading, many market players are still confident that the dollar will continue to climb against the yen.

“The rise of the dollar may slow down, but (the dollar) will aim for around 111 to 112 yen,” an official at a foreign exchange margin trading service firm said.

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