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The dollar slipped through ¥111 in Tokyo trading Monday, hit by position-squaring selling amid a dearth of trading incentives.

At 5 p.m., the dollar stood at ¥110.90-94, down from ¥111.56-57 at the same time Friday. The euro was at $1.1871-1872, up from $1.1824-1824, and at ¥131.67-67, down from ¥131.93-93 yen.

The dollar rose close to ¥111.20 toward midmorning on strong seasonal demand from Japanese importers. But it lost steam later, reflecting falls in the 225-issue Nikkei average and U.S. long-term interest rates.

Few players tried to push the dollar further up during the three-day Independence Day weekend in the United States, traders said.

In late afternoon trading, the dollar accelerated its downswing as some investors stepped up position-squaring selling “in view of the greenback’s slow recovery from a fall on Friday caused by the U.S. employment report for June,” which showed a rise in the jobless rate, a currency broker said.

Players are closely watching what the Australian central bank will announce Tuesday after its policy meeting amid the resurgence of the coronavirus in the country, the broker added.

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