The dollar fluctuated in a tight range around ¥110.60 in lackluster Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥110.63, up from ¥110.54 at the same time Friday. The euro was at $1.1743, down from $1.1777, and at ¥129.92, down from ¥130.19.

Reacting positively to higher-than-expected U.S. nonfarm payroll growth in March, released Friday, the dollar surpassed ¥110.70 in the early morning.

The greenback soon eased below ¥110.60 on position-squaring selling by Japanese exporters in midmorning trading and dipped further in the early afternoon following a halt in U.S. long-term interest rates’ increase.

But the U.S. currency recouped the losses on buybacks to move mostly in the ¥110.60 zone later.

At a time when the United States is leading many European countries and Japan in rolling out coronavirus vaccines, “there’s no reason to sell the dollar,” an official at a Japanese bank said.

Trading was especially lackluster in the afternoon, ahead of the release later in the day of the Institute for Supply Management’s U.S. nonmanufacturing purchasing managers’ index for March.

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