Dollar near 2-week low, investors look

TOKYO (Reuters) – FX Signals – The dollar hovered near two-week lows against a basket of currencies on Tuesday, as investors looked to U.S. jobs figures later this week for clues on taper timing, while the Chinese yuan shrugged off soft factory and services sector surveys.

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The U.S. currency steadied from falls after Federal Reserve Chair Jerome Powell on Friday offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.”

“The payroll data will be the next highlight given the focus on the Fed’s taper.

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Sterling fetched $1.3762 while the yen was little changed at 109.85 yen to the dollar.

The dollar index stood at 92.590, its lowest level in two weeks.

The offshore Chinese yuan was largely steady at 6.4666 per dollar, not far from a three-week high of 6.4595 touched on Friday, weathering the country’s twin Purchasing Manager’s Index (PMI) surveys showing intensifying pressure on the economy.

Treasury Secretary is reportedly mulling a visit to China, she added.

The Australian dollar, often seen as a proxy bet on the Chinese economy, rose a tad to $0.7308,

The New Zealand dollar gained 0.5% to a three-week high of $0.7053. The move appeared to be triggered by stop-loss short-covering in the kiwi against the Aussie, analysts said.

Emerging market currencies also held firm, with the MSCI emerging market currency index hitting a three-week high of 1,733.93 on Monday. It last stood at 1,732.54.

In cryptocurrencies, bitcoin eased to $47,234 while ether held slightly firmer at $3,243.

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