The dollar rises above ¥111.20 in Tokyo trading Thursday, as investor risk appetite increased on the back of strong U.S. economic data.
At 5 p.m., the dollar stood at ¥111.27, up from ¥110.54 at the same time Wednesday. The euro was at $1.1847, down from $1.1900, and at ¥131.83, down from ¥131.55.
Carrying over its strength from overseas trading, the dollar moved in a range above ¥111.10 in the morning.
The dollar was supported by faster-than-expected growth in private-sector jobs in June and existing home sales in May in the United States, both announced Wednesday, and an upturn in U.S. long-term interest rates.
After going sideways, the greenback accelerated its upswing in late afternoon trading to hit levels above ¥111.20.
The dollar buying vis-a-vis the yen gathered steam after the euro lost ground against the U.S. currency on position-squaring selling.
Players stepped up risk-on selling of the yen in anticipation of a rise in U.S. stocks later on Thursday, a currency broker pointed out.
A securities house official said the currency market started pricing in strong figures that may be shown by the U.S. Labor Department’s June employment report to be released Friday.
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