Dollar stuck in narrow range

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IOL pic oct28 united states dollar bill . .

Tokyo - The dollar remained locked in a narrow range in Asia trade on Monday as players searched for fresh clues ahead of this week's release of key economic indicators.

The dollar stood at 102.40 yen, little moved from 102.49 yen in New York on Friday.

The euro was $1.3736 and 140.63 yen, compared with $1.3734 and 141.00 yen in New York.

“Since we don't have any major market-moving indicators lined up today, I think the pair will be stuck in this box range,” said Junichi Ishikawa, market analyst at IG Securities in Tokyo.

The dollar could move toward a 102.80 yen resistance, depending on the performance of Tokyo shares, he added.

“If risk appetite pushes share prices higher, the pair could test this level,” he told Dow Jones Newswires.

Tokyo shares were firmer within a narrow band, with the headline Nikkei index ending the morning session up 0.10 percent.

The forex market shrugged off the weekend meeting of financial chiefs from Group of 20 major economies, who set themselves a goal to achieve an additional two-percentage point growth over five years, shifting their focus away from austerity as a fragile recovery takes hold.

Investors are awaiting for a string of major economic indicators to be released later this week in the United States and Japan.

The market will focus on US housing, consumer confidence and growth figures to gauge the state of the US economy following sub-zero winter temperatures in many parts of the country.

US February consumer confidence figures are due to be released on Tuesday, followed by data showing durable goods orders and initial jobless claims on Thursday.

On Friday, the final estimate for fourth-quarter US gross domestic product is out.

Japan will also publish a string of other data, including key inflation figures, on Friday. - AFP


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