Dollar moves back above ¥110 in Tokyo

The dollar retook ¥110.00 in Tokyo on Friday, helped by a rebound in U.S. interest rates.

At 5 p.m., the dollar stood at ¥110.16 up from ¥109.76 at the same time Thursday. The euro was at $1.1801, down from $1.1835, and at ¥130.00, up from ¥129.90.

The dollar gathered upward momentum after moving around ¥109.80 in the early morning, thanks to buying by Japanese importers for settlement purposes and a rise in U.S. long-term interest rates in off-hours trading. The greenback hit levels around ¥110.00 toward midmorning.

The dollar remained static mostly in the afternoon, with players retreating to the sidelines ahead of the weekend.

However, the U.S. currency climbed close to ¥110.20 after European investors joined trading in late hours.

Pointing to dovish comments made by U.S. Federal Reserve Chairman Jerome Powell at congressional hearings earlier this week, a currency broker said the dollar failed to go up further amid growing expectations that the U.S. interest rate rebound would be “short-lived.”

Some players refrained from active transactions to wait for U.S. retail sales data for June to be released later in the day, traders 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.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

$28,751.62  $747.66  2.53%  
$1.46  $0.0000  0.00%  
$23.89  $4.52  23.34%  
$0.2369  $0.0000  0.00%  
$2,936.44  $43.83  1.47%  
$3.05  $0.0330  1.07%  
₹ 17,026.45  ₹ 509.80  2.91%  
$9,946.58  $207.60  2.04%  
$1.13  $0.0108  0.96%  
$1.33  $0.0018  0.14%  
$113.33  $2.01  1.74%  
$4,594.62  $106.84  2.27%  
$203.68  $4.92  2.36%  
$34,899.34  $905.04  2.53%