The dollar was little changed in Tokyo trading Tuesday ahead of market-moving events in the United States this week.
At 5 p.m., the dollar stood at ¥108.93, almost unchanged from ¥108.91 at the same time Monday. The euro was at $1.2141, against $1.2147, and at ¥132.27, against ¥132.30.
Many market participants were on the sidelines as several market-moving events are scheduled this week, including a speech by Lael Brainard, governor of the U.S. Federal Reserve, later on Tuesday and the release of U.S. consumer price data on Wednesday.
“I’m closely watching the moves of the U.S. economy, interest rates and stocks,” an official at a foreign exchange margin trading service firm said, pointing to difficulties in trading aggressively.
“The dollar is expected to fluctuate within a narrow range until factors that determine its course come out,” a currency broker said.
Brainard’s speech is “worthy of attention at a time when inflation expectations are growing,” an official at a bank-affiliated securities house said. “If the speech pushes up U.S. interest rates, U.S. technology stocks will fall further, putting risk-off upward pressure on the yen,” the official said.
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