News Column

Dollar trades near 102 yen line in Tokyo morning deals

May 25, 2014

The U.S. dollar traded narrowly near the 102 yen line Monday morning in Tokyo as selling on continued turmoil in Ukraine was offset by gains triggered by a strong performance by Tokyo stocks.

At noon, the dollar fetched 101.95-99 yen compared with 101.87-97 yen in New York and 101.72-73 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $1.3619 and 138.84-87 yen against $1.3629-3639 and 138.99-139.09 yen in New York and $1.3643-3647 and 138.79-83 yen in Tokyo late Friday afternoon.

Ukraine on Sunday elected billionaire Petro Poroshenko as its new president, even as voting in the eastern regions of Donetsk and Luhansk was disrupted by pro-Russian forces.

While Poroshenko's victory dispelled market worries of an election runoff that would prolong political uncertainty in the country, "It's still unclear if the new government will be a stable one in the face of pro-Russian forces," said Yuzo Sakai, manager of foreign exchange business promotion at Tokyo Forex & Ueda Harlow.

The dollar's downside against the yen was supported by a rise in the Nikkei stock index Monday morning, Sakai said.

The euro fell against the yen as rightwing parties skeptical about European political integration won the European Parliament elections Sunday in France and Greece.

The shared currency is facing downward pressure from weak economic numbers out of Germany last week and expectations the European Central Bank will ease its monetary policy at its policy meeting on June 5, Sakai said.

ECB President Mario Draghi speaks later Monday in Sintra, Portugal.

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Source: Japan Economic Newswire

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