Tuesday morning in Asia, the U.S. dollar declined to near a 4-week low against the yen as a slide in some Asian stocks boosted the safe-haven Japanese currency.
The dollar also weakened against the European majors as traders in Asia remained cautious ahead of the Reserve Bank of Australia’s interest rate announcement, which is due at 10:30 pm ET.
Thus far, Japan’s Nikkei 225 index fell 0.7%, Hong Kong’s Hang Seng slipped 0.2%, China’s Shangai composite index dropped 1.1% and Taiwan’s main index plunged 0.2%.
But the South Korean and Australian stocks rose today and New Zealand stocks are currently trading flat.
The dollar, which closed yesterday’s trading at 82.70 against the yen fell to near a 4-week low of 82.38 in early Asian session on Tuesday. The next downside target level for the U.S. currency is seen at 80.5.
During early Asian deals on Tuesday, the dollar eased against the Swiss franc. At present, the dollar-franc pair is worth 0.9805, compared to yesterday’s close of 0.9817. On the downside, 0.973 is seen as the next target level for the dollar.
The dollar slipped against the pound during early Asian deals on Tuesday. As of now, the dollar is worth 1.5745 per pound and if the dollar slides further, it may likely target the 1.579 level. The pound-dollar pair closed yesterday’s trading at 1.5713.
The dollar that rose to 1.3279 against the euro in early Tuesday Asian deals at 6:50 pm ET dropped thereafter. The dollar is currently worth 1.3349 per euro with 1.342 seen as the next downside target level. The euro-dollar pair was worth 1.3308 at yesterday’s close.
Looking ahead, Japan’s leading economic and coincident indexes for October are due at 12:00 am ET.
Switzerland’s unemployment rate for November, U.K.’s industrial production for October and German factory orders for October are expected in the European session.
The U.S. consumer credit report for October has been slated for release at 3:00 pm ET.