Dollar drops to upper 107 yen range as interest rate gap narrows

Source: Xinhua | 2019-07-19

The U.S. dollar dropped in the upper 107 yen zone on Thursday in Tokyo, owing to Japanese stocks sharply retreating and and the interest rate gap between Japan and the United States narrowing.
At 5 p.m. local time, the dollar was quoted at 107.76-77 yen, compared with 107.89-99 yen in New York and 108.26-27 yen in Tokyo at 5 p.m. on Wednesday.
During the day, the U.S. dollar moved between 107.62 yen and 107.97 yen, with it changing hands most frequently at the 107.70 yen level.
The euro, meanwhile, fetched 1.1238-1239 dollars and 121.10-14 yen against 1.1221-1231 dollars and 121.13-23 yen in New York, and 1.1206-1208 dollars and 121.32-36 yen in late Wednesday afternoon trade in Tokyo.