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Dollar rises against yen as traders await market-moving news

Dollar rises against yen as traders await market-moving news

The dollar rose against the yen in Asia Tuesday, but traders said lingering concern about the U.S. economy could weigh on the dollar in coming days.
The U.S. dollar was trading at 118.18 yen at 2:50 p.m. (0550 GMT) Tuesday, up from 117.79 yen late Monday in New York. The euro fell to US$1.3356 from US$1.3364.
The dollar's gains against the yen were limited as Japanese exporters stepped in to cap its rise.
"Overall, it looks like players want to sell the dollar because of uncertainty over the U.S. economic outlook," said Tsutomu Soma, senior trader at Okasan Securities. "But they can't find persuasive new trading factors."
Traders were looking ahead to the U.S. jobs report on Friday for indications on the U.S. economic outlook, but otherwise the Good Friday holiday could mean the dollar will trade in a narrow range the rest of the week.
"Unless players find something very negative on the U.S. economy, the dollar won't be able to get out of the recent 116.50 yen-118.50 yen range this week," said Societe Generale senior dealer Hidenori Kato.
The dollar was mostly higher against other Asian currencies, rising to 3.4645 Malaysian ringgit from 3.4595 and to 43.190 Indian rupees from 43.110. It fell to 936.7 South Korean won from 937.3.


Updated : 2021-10-18 19:36 GMT+08:00