The dollar eased to around ¥110.65 in Tokyo trading Monday, due partly to real demand-backed selling.
At 5 p.m., the dollar stood at ¥110.64, down from ¥110.75 at the same time Friday. The euro was at $1.1941, down from $1.1947, and at ¥132.12, down from ¥132.31.
After trading around ¥110.80, the dollar slipped through ¥110.70 around midmorning on selling by Japanese exporters.
The Nikkei stock average’s weakness and a fall in U.S. long-term interest rates in off-hours trading also weighed on the greenback.
Buying the dip lifted the U.S. currency close to ¥110.70 at one point in the afternoon. But the dollar came under renewed selling pressure vis-a-vis the yen after losing ground against the euro and the British pound.
“Term-end factors may have led to the pound’s appreciation,” a currency broker said.
Players refrained from active trading to wait for key U.S. economic data, including the Institute for Supply Management’s manufacturing purchasing managers’ index for June, due out on Thursday, and the Labor Department’s employment report for the same month, on Friday, traders said.
“With U.S. interest rates and stock prices turning motionless prior to the jobs report, the dollar-yen pair struggled for direction,” a Japanese investment adviser said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.