The U.S. dollar was stuck in a narrow range just below the
The euro was quoted at
Although the dollar climbed into the
The dollar's short-lived advance overnight came after the
Dealers said risk-taking sentiment was diminishing given geopolitical concerns in
The dollar-yen pair has been confined to a tight range on either side of the
"Everyone in the market should be wondering why the pair does not move so much," said Daisuke Karakama, chief market economist at
"As for the reason behind the dollar's top-heaviness, it can only be described as U.S. yields' failure to rise at best," he said.
A senior dealer at a major Japanese bank said although U.S. economic data turned out to be strong overnight, U.S. stocks and Treasury yields fell and Japanese stocks followed suit. Under such circumstances, the dollar was drifting to the lower side of the recent boxed range, he said.
"There's also a significant amount of offers (to sell the dollar) at the
The currency market showed muted reaction to the Japanese government's new economic growth strategy, approved by the Cabinet the previous day, as most elements had already been reported, dealers said.
Under the strategy, the government has pledged to promote deregulation of farming, employment and medicine, and also promised to cut
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