Dollar steady in Asian trade
Afp, Tokyo
The dollar was steady against the yen and euro in Asian trade Tuesday as the market waited for fresh US housing figures and the pivotal US monthly employment report due Friday, dealers said. The dollar was little changed at 117.80 yen in Tokyo morning trade after 117.83 in New York late Monday. The euro was steady at 1.3366 dollars from 1.3365 while slipping to 157.41 yen from 157.50. There was little market action due to a lack of new leads and with dealers in Europe and the United States winding down ahead of the Easter weekend, said Nobuo Kihara, forex marketer at BNP Paribas. The dollar managed to shrug off a weaker-than-expected reading of an index of US industrial activity, which dipped to 50.9 percent in March from 52.3 percent in February, according to the Institute of Supply Management. However, the prices element of the survey jumped to 65.5 from 59.0, reinforcing expectations that US interest rates will not be cut any time soon. On the data front, the main focus for the market this week will be US pending home sales due out later Tuesday and the monthly US labour market report on Friday, when many key markets will be closed for Good Friday.
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