On Monday the greenback edged lower as investors were awaiting fresh clues during Asian trade.
“Investors were focusing on China shares,” said Yuzo Sakai, manager of FX business promotion at Tokyo Forex & Ueda Harlow. But a lack of clear direction in the stock market failed to give fresh cues to the currency market, he said.
Market players were closely watching how Asian stocks react after moves by China related to stock trading and monetary easing.
On Friday China’s securities regulator tightened rules on margin lending
just as local stock exchanges eased restrictions on short-selling of
stocks. The move helped weaken stock markets in the euro zone and the
U.S. Friday.
In the meantime, on Sunday China’s central bank trimmed the reserve requirement on bank deposits to boost economic growth.
The dollar was at ¥118.82, compared with ¥118.95 late Friday in New York.
The Shanghai Composite Index was up 1.0% midday after softening earlier in the session.
The Nikkei Stock Average was up 0.3%.
