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U.S. Dollar Flat Ahead of Key Data This Week

4/23/2019, 1:52:55 PMMarket Analysis
U.S. Dollar Flat Ahead of Key Data This Week

The U.S. dollar traded near flat on Tuesday in Asia as markets await the key first-quarter GDP data due later this week.

The U.S. dollar index that tracks the greenback against a basket of other currencies was near flat at 97.007 by 1:02 AM ET (05:02 GMT).

U.S. existing home sales fell more than expected in March amid supply constraints, data released overnight showed.

Data last week pointed to an unexpected narrowing of the U.S. trade deficit in February and a rebound in retail sales in March.

The reports bolstered expectations that the economy is regaining momentum after a weak start to the year.

Investors’ focus this week would be Friday’s data on the country’s first-quarter growth.

U.S. housing data, durable goods and consumer sentiment are also due later this week.

Meanwhile, the USD/JPY pair slipped 0.1% to 111.86. Eiji Maeda, Bank of Japan (BOJ)’s executive director overseeing monetary policy, said the central bank is ready to ramp up stimulus if the country’s economy shows signs of weakness.

"If the economy's momentum for achieving our price target is threatened, we are ready to ease monetary policy as necessary," Maeda told parliament.

The BOJ could consider multiple easing policies, such as cutting interest rates, boosting asset purchases and accelerating the pace of money printing, he said.

"The BOJ has actively taken various unconventional steps. We'll continue to take steps as needed, including a combination of them, with an eye on their effects and side-effects," Maeda said.

The central bank is due to meet this week and is expected to receive some attention as traders look for fresh insights from policymakers on the global economic outlook.

Meanwhile, Japanese Prime Minister Shinzo Abe is set to fly to Washington for more trade talks with U.S. President Donald Trump.

The AUD/USD pair and the NZD/USD pair both slipped 0.1%.

The USD/CNY pair was largely unchanged at 6.7122.