TOKYO , Jan. 7 -- ( Kyodo ) _ The U.S. dollar mostly stayed in the lower 104 yen zone in Tokyo on Tuesday amid a wait-and-see mood ahead of major trading cues later in the week. At 5 p.m. , the dollar fetched 104.35-37 yen compared with 104.17-27 yen in New York and 104.37-38 yen in Tokyo at 5 p.m. Monday . It moved between 104.18 yen and 104.62 yen during the day, changing hands most frequently at 104.46 yen . The euro was quoted at $1.3618-3620 and 142.11-15 yen against $1.3624-3634 and 141.99-142.09 yen in New York and $1.3579-3580 and 141.73-77 yen in Tokyo late Monday afternoon. The dollar drew buying following a brief dip overnight in New York , but its rise was capped by the lackluster performance of stocks in Tokyo and overseas. "The dollar still has strong upward momentum versus the yen," said Minori Uchida , head of Tokyo global market research at Bank of Tokyo-Mitsubishi UFJ . " Japan's current trade deficit and direct investment, such as M&A, outside of the country means yen-selling is in high demand." In overnight New York trading, the dollar hit a two-week low of 103.91 yen after data from the Institute for Supply Management showed the U.S. services sector grew at a slower rate than anticipated in December. Among the data, the index for new orders, which forecasts economic growth, "was disappointingly low and added to the dollar's losses," said Yuji Saito , director of foreign exchange at Credit Agricole Corporate & Investment Bank in Tokyo . On Monday, the U.S. Senate confirmed Federal Reserve vice chair Janet Yellen as the next chief of the central bank. Market players are awaiting hints about the timing and scale of the follow-up to the Fed's paring of its monthly $85 billion asset purchases to $75 billion this month. Should the Wednesday release of the minutes of the Fed's policy meeting last month provide few answers, the market focus will likely shift to December U.S. jobs data due Friday. The euro moved little against the dollar in Tokyo trading after gaining overnight on the U.S. currency's drop due to the negative services data. If eurozone inflation data, due out later Tuesday, show a fall in December, it will spur euro-selling, Saito said.
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