In Tokyo trading on the afternoon of the 6th, dollar-yen moved narrowly in the high ¥157 range. With the US jobs report due, a strong wait-and-see mood continued amid a lack of market catalysts.
In Tokyo foreign exchange trading on the afternoon of the 6th, the dollar-yen rate remained in a narrow range in the high ¥157s amid a lack of clear market catalysts. As of 3 p.m., the dollar was at ¥157.74–75, up a marginal 3 sen from the previous day.
In overseas trading the previous day, the dollar initially rose from the mid-¥157 range to around ¥157.85 during European hours before falling during US trading. The dollar dropped temporarily to around ¥157.30 after ADP's July National Employment Report and the ISM Services PMI came in below market expectations, but recovered to around ¥157.80 toward the end of the session.
In early Tokyo trading, the dollar moved in the ¥157.60–70 range and briefly fell to ¥157.50, but real-demand buying lifted it into the ¥157.70 range around the fixing. It recovered to the ¥157.60 range around noon and then moved narrowly at a slightly higher level in the ¥157.70 range in the afternoon.
A weaker yen and lower stock prices weighed on the dollar during the morning, while some market participants said buying gained a slight edge in the afternoon as the decline in share prices narrowed. Some said, "The market will remain in a wait-and-see mood" ahead of the US jobs report, and the market was said to lack a clear direction.
The euro moved narrowly against both the yen and the dollar in the afternoon. As of 3 p.m., it stood at ¥182.18–20 per euro and $1.1549–1.1550 per euro.