The euro was quoted at
The yen rallied against the dollar and euro in the afternoon as Japanese exporters bought yen. "
"Even when the Nikkei stock average is high, if U.S. Treasury bond yields are down this will hold the dollar down against the yen, and that is the case today," he said.
The dollar moved mostly in the mid-102 yen zone in the morning, almost unchanged from its levels in
While traders remain sharply focused on the U.S. economy, currency markets are unlikely to move much even if U.S. economic data released later this week points to weakness, as the data are assumed to be affected by the unusually harsh weather across much of
Out this week are U.S. consumer confidence data later Tuesday, new home sales data on Wednesday and a
"Even if these indicators are soft, currency markets are unlikely to move dramatically because there's tolerance for the bad weather conditions," Kadota said.
February U.S. nonfarm payrolls, to be released next week, are considered a clearer benchmark of U.S. economic health, and "until they are out, it will be difficult for the market to move," he said.
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