25 July 2001, 09:34 Forex - Dollar mixed in midafternoon Tokyo in thin trade
TOKYO (AFX-ASIA) - The dollar was mixed in midafternoon trade with
little fresh to drive the currency strongly up or down after its recent
consolidatory moves and with Hong Kong investors absent from the
market, dealers said.
Citibank foreign exchange dealer Satoshi Shirota said the market
was "very, very quiet", with Hong Kong investors away for the day due
to a typhoon and few new leads for investors.
"Someone bought a big amount of dollars by 10 o'clock but after
that it's been quiet," Shirota said, adding that the purchase seemed to
be commercially driven.
The dollar is facing downward pressure from "the economic
environment in the US and the emerging currencies, like in Argentina,"
though for now the currency is likely to stay within its 122-125 yen
range, Shirota said.
He said the market is waiting for the results of US GDP figures
this week and the Japanese Upper House elections at the end of the
month.
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