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Markets

Dollar trades in lower 124 yen range in early Tokyo deals

TOKYO (Kyodo) -- The U.S. dollar traded in the lower 124 yen range early Monday, little changed from its levels Friday in New York.

     At 9 a.m., the dollar fetched 124.24-26 yen compared with 124.12-22 yen in New York and 123.74-76 yen in Tokyo at 5 p.m. Friday.

     The euro was quoted at $1.0956-0957 and 136.14-16 yen against $1.0987-0997 and 136.40-50 yen in New York and $1.0961-0964 and 135.65-69 yen in Tokyo late Friday afternoon.

     In New York on Friday, the U.S. dollar was initially sold against the yen on concerns about the U.S. economic outlook after its gross domestic product data for January to March period showed a contraction, dealers said.

     But dollar buying later took the upper hand on speculation that the U.S.-Japan interest rate gap would widen amid continued hopes that the Federal Reserve will start raising interest rates later this year, they said.

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