Dollar stuck in narrow range

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IOL pic oct28 united states dollar bill . .

Tokyo - The dollar was flat in Asia on Tuesday as investors waited on fresh US data for clues on how the world's biggest economy is faring.

The greenback was at 102.51 yen in Tokyo morning trade, compared with 102.48 yen in New York on Monday afternoon.

The euro bought $1.3731 and 140.77 yen against $1.3734 and 140.76 yen, supported by a solid business sentiment survey in Germany and stable eurozone inflation figures.

The dollar will likely be stuck in a tight range of 102.00-103.00 yen during Asian trading on Tuesday, said a senior dealer at a major Japanese trust bank.

Some dollar buying is expected from Japanese importers, but “I don't feel any momentum going on”, he told Dow Jones Newswires.

Investors were waiting for further cues on the US economic recovery, following sub-zero winter temperatures in many parts of the country that skewed data at the start of the year.

February consumer confidence figures are due out later in the global day, followed by durable goods orders on Thursday and an updated estimate for fourth-quarter economic growth on Friday.

“We've seen some weak data recently. Any good figures would be taken positively,” giving the dollar a tailwind, the Japanese bank dealer said.

The upheaval in Ukraine did not appear to have much impact on the major currencies. - AFP


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