• The dollar held steady versus the yen on Tuesday, supported by receding fears about a trade war stemming from U.S. President Donald Trump’s proposed tariffs on imported steel and aluminium.
The dollar held steady on the day at 106.22 yen. On Monday, it had gained 0.4 percent, edging away from the greenback’s 16-month low of 105.24yen set on Friday.
The euro edged up 0.1 percent to $1.2347, having recovered from a brief selloff on Monday tied to Italy’s inconclusive weekend election.
• President Donald Trump signaled on Monday that his hastily announced tariffs on steel and aluminum may not be implemented, at least for Canada and Mexico, if a "fair" NAFTA agreement is negotiated.
"Tariffs on steel and aluminum will only come off if new & fair NAFTA agreement is signed," the president tweeted.
• Bank of Japan Governor Haruhiko Kuroda said the central bank won’t end its ultra-loose monetary policy until its inflation target is met, seeking to dispel lingering market speculation it could dial back stimulus earlier than expected.
But Kuroda said the BOJ has the necessary tools to engineer a smooth exit from crisis-mode policy and was already brainstorming how a future stimulus exit could affect its balance sheet.
• A raft of Chinese economic data in the next few weeks is expected to show growth was mostly stable at the start of the year as exports picked up and factory activity remained largely resilient despite tougher air pollution measures.
But analysts cautioned that the timing of long Lunar New Year holidays, which fell in mid-February this year, will distort trends as usual and said investors may not get a clearer picture of China’s economic health until first-quarter data is released in April.
• China will sharply widen market access for foreign investors this year, with a focus on lowering investment barriers for the service sector and relaxing ownership limits in certain sectors, the state planner said on Tuesday.
• South Korean President Moon Jae-in said on Tuesday the military should focus “all its power” to boost its defence capabilities to counter North Korea’s missile and nuclear programmes, even while it engages Pyongyang in dialogue.
• Oil futures rose on Tuesday for a third session, underpinned by robust demand forecasts and as ministers from OPEC touted the strength of its agreement to cut output to bolster prices.
International benchmark Brent crude futures LCOc1 were at$65.67 per barrel at 0743 GMT, up 8 cents, or 0.12 percent.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.68 a barrel, up 11 cents, or 0.18 percent.
Reference: Reuters, CNBC
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