Dollar steadies at lower 106 yen range in Tokyo deals+
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[July 22, 2008]

Dollar steadies at lower 106 yen range in Tokyo deals+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, July 22_(Kyodo) _ The U.S. dollar moved narrowly at the lower 106 yen level Tuesday morning in Tokyo as many investors opted to wait for further hints as to the health of U.S. financial firms.



At noon, the dollar traded at 106.36-41 yen against Monday's 5 p.m. quotes of 106.38-48 yen in New York. Comparable data from Monday's Tokyo markets were unavailable due to a national holiday.

The euro traded at $1.5925-5930 and 169.43-48 yen, against late Monday's quotes of $1.5916-5926 and 169.44-54 yen in New York.



The dollar traded within a 0.20 yen range in the morning as market players were reluctant to buy up the dollar on concerns about the state of U.S. financials, even after Bank of America reported better-than-expected earnings for the April-June quarter on Monday, dealers said.

The second largest U.S. bank said its net profit in the second quarter of this year plunged to $3.41 billion, marking the fourth consecutive quarterly decline.

Since the U.S. Federal Reserve and JPMorgan Chase &Co.'s bailout of Bear Stearns & Cos., a U.S. investment giant bruised by the subprime mortgage meltdown, in mid-March, there has been a sense of optimism in the foreign exchange market that large financial firms will not go bankrupt.

"That, however, isn't always the case for small and middle-sized banks, as they may be too small to save," said Masaki Fukui, senior market economist on foreign currency trade at Mizuho Corporate Bank.

Fukui said there are worries that small and midsized banks, which will be disclosing their earnings in the coming week or so, may report hefty losses and that such worries were weighing on the dollar's upside.

Currency dealers said U.S. equities, which rose last week after the U.S. Securities and Exchange Commission said it would ban short-selling of major U.S. financial institutions' securities, hold the key to the dollar's direction against the yen.

"The dollar may go under selling pressure if (last week's) equity boost in the United States proves to be short-lived," said Masafumi Yamamoto, head of foreign exchange strategy in Japan at the Royal Bank of Scotland.

Copyright ? 2008 Kyodo News International, Inc.

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