TOKYO - The dollar inched up in sluggish Asian trade on Friday as market participants stayed on the sidelines ahead of a key monthly US payroll report, dealers said.
The dollar inched upwards to 106.05 yen in Tokyo morning trade from 105.93 in New York late on Thursday.
The euro edged down to 1.5589 dollars from 1.5590 but rose to 165.30 yen from 165.20 yen.
"It's difficult to take positions as players want to see the US non-farm payroll data" to be released later in the day, said Hironobu Hagi, deputy general manager at the capital markets division of Shinsei Bank.
"A positive employment report should strengthen dollar-buying momentum as the dollar has steadily been on course to recovery," Hagi said.
"Recently, factors surrounding the dollar have become quite positive, but the dollar's downside risks have yet to be erased," he said. "If the dollar continues recovering at a faster pace, selling pressure would emerge."
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Thursday, June 5, 2008
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