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.
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