Investing.com - The Japanese yen was flat against the dollar in
early Asian trade on Tuesday ahead of the latest monetary policy
review announcement by the Bank of Japan.
USD/JPY traded at 103.29, up 0.02%, in morning action while in
Australia, where NAB confidence data is due shortly, AUD/USD traded
at 0.9024, up 0.04%.
The Bank of Japan's board meeting deliberations are due to be
announced around 1230 Tokyo time (0330 GMT) with the central bank
expected to stand pat as the economy appears on track toward a
continued modest recovery and sustained 2% inflation. The BOJ has
said that downside risks to overseas economies have eased.
BOJ Governor Haruhiko Kuroda is due to host a news conference to
discuss the board's decision at 1530 (0630 GMT).
On Monday the dollar was down against the yen after data revealed
the economy grew 0.2% in the final three months of 2013, missing
market calls for a 0.3% reading.
On a year-over-year basis, the economy expanded by 0.7%, missing
expectations for a 1.0% reading.
The numbers softened the yen earlier though demand from investors
fleeing exposure to emerging markets gave the Japanese currency
Earlier in the Asian session, February money stock data is expected
at 0850 (2350 GMT). Australia's February NAB readings of business
confidence and business conditions are due at 1130 Sydney time
(0030 GMT). The private survey is followed closely by the Reserve
Bank of Australia to assess the prospects for a transition to
consumer-led growth as a minining investment boom wanes.
Overnight, the dollar moved higher against most major currencies as
markets continued to applaud Friday's better-than-expected February
jobs report, while soft Chinese trade figures boosted the greenback
Elsewhere, the euro saw some support on market views that the
European Central Bank will hold off on stimulating the economy
Last week, the ECB left its benchmark interest rate unchanged at
0.5%, as recent data indicated moderate economic recovery was
taking place in the euro zone.
Elsewhere in Europe, investor confidence in the euro zone for March
rose to its highest level since April 2011, easing concerns over
the outlook for the region's economy, data showed on Monday.
Market research group Sentix reported earlier that its index of
investor confidence improved to 13.9 this month from a reading of
13.3 in February. Analysts were expecting the index to increase to
14.0 in March.
The dollar index, which tracks the performance of the greenback
versus a basket of six other major currencies, was up 0.01% at
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