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The dollar pared earlier gains to move narrowly around ¥110.50 in Tokyo trading Wednesday.

At 5 p.m., the dollar stood at ¥110.50, up from ¥110.37 at the same time Tuesday. The euro was at $1.1784, down from $1.1851, and at ¥130.22, down from ¥130.79.

The dollar rose to around ¥110.70 in the early morning but fell back into ¥110.40 territory toward noon on selling induced by a drop in U.S. long-term interest rates in off-hours trading.

In the afternoon, the U.S. currency went sideways at around ¥110.50 as U.S. Federal Reserve Chairman Jerome Powell’s congressional testimonies loomed.

The greenback was sold first against the British pound and then against the yen in late trading in the wake of the announcement of a higher-than-expected inflation rate in Britain in June, but “the selling was short-lived,” a currency broker said.

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