MDN: Dollar moves little in upper 80 yen range, focus on Greek debt issue
TOKYO (Kyodo) -- The U.S. dollar traded narrowly in the upper 80 yen range Wednesday in Tokyo, with investors cautiously waiting for the outcome of bailout talks for Greece and economic data in the United States and Japan.
At 5 p.m., the dollar fetched 80.76-77 yen against 80.83-93 yen in New York and 81.27-28 yen in Tokyo at 5 p.m. Tuesday. It moved between 80.59 yen and 80.94 yen, trading most frequently at 80.72 yen.
The euro changed hands at $1.3136-3137 and 106.09-13 yen, compared with $1.3107-3117 and 106.03-13 yen in New York and $1.3193-3194 and 107.22-26 yen in Tokyo late Tuesday afternoon.
In Tokyo, the euro recouped some losses after losing ground in overseas trading amid growing concern over the outlook for talks on getting private-sector creditors to partially waive claims on Greek debts, dealers said.
''The market was adopting a wait-and-see stance in Tokyo time after the euro was actively sold,'' said Shuichi Kanehira, deputy general manager of the foreign exchange division at Mizuho Corporate Bank.
''Participants are waiting for a series of incentives to come, including what will happen to Greece and employment data'' for February in the United States, he said.
Though prospects of an economic recovery in the United States remain intact, the market has become more susceptible to negative factors due to steep declines in U.S. share prices overnight, Kanehira said.
Later Wednesday, U.S. payroll firm Automatic Data Processing Inc. will release private-sector jobs data for February ahead of official employment data due Friday.
Investors are also awaiting the release Thursday of Japan's current account data for January, which is projected to show the country incurred a current account deficit for the first time in three years, dealers said.
The Japanese yen, which is perceived as relatively safer than other currencies, had strengthened in recent days ahead of Thursday's deadline for creditors to decide whether to accept losses on the nominal value of their Greek government bond holdings, dealers said.
