LONDON: The dollar inched up against the yen in Asian trade Thursday with dip buying pushing up the greenback, while the Australian dollar strengthened on strong jobs data.
The U.S. dollar USDJPY, +0.20% were at ¥119.31, compared with ¥119.14 late Wednesday in New York. The Australian dollar AUDJPY, +1.09% was at $0.7760 from $0.7683.
“The dollar was just going back and forth in a quiet trade,” after a double dip earlier in the session, said a senior Japanese bank dealer.
Market participants said the first dip came in early morning trade when euro buying came out of the blue, inducing stop loss buying orders that brought the common currency to as high as $1.0748 from $1.0683 in New York. But the momentum was short-lived to help the euro bounce back to $1.0690 midday.
