The dollar was steady in Asian trade on Tuesday, with the yen on deck as investors waited for the outcome of the Bank of Japan's two-day policy meeting later in the session.
Next up will be the U.S. Federal Reserve, which begins its own two-day policy meeting on Tuesday.
The dollar was nearly flat against its Japanese counterpart at 113.78 yen JPY=, while the yen edged down slightly against the euro to 126.31 EURJPY=.
Most investors expect the central bank to hold policy steady, as Governor Haruhiko Kuroda has said he hopes to spend more time assessing the impact on the economy of its negative interest rate policy that it unveiled in January.
Any additional easing steps would likely take the form of a modest increase in asset purchases, some analysts say.
The dollar was steady against a basket of currencies, with the dollar index .DXY at 96.612, holding well above a one-month low of 95.938 hit on Friday.
The Fed is seen standing pat on interest rates, and could also make clear that future hikes are on its agenda despite concerns about the strength of the global economy, as long as U.S. inflation and jobs continue to strengthen.
"Markets are now pricing in a 25 percent chance the Fed moves by the end of the April meeting, 60 percent chance by the June meeting and 100 percent by November," wrote Steven Englander, global head of G10 foreign exchange strategy at CitiFX in New York.
"Investors have to ask themselves whether the Fed likes these odds, and will validate them, or try and shift expectations in one direction or another," he said.
Oil prices rose in early Asian trade on Tuesday, coming off six day lows reached the session before, as concerns that a six-week market recovery has gone beyond the fundamentals of oversupply start to take hold.
Saudi Arabia kept its crude oil production steady in February at just above 10 million barrels per day (bpd), suggesting the world's biggest oil exporter is keeping to a preliminary deal with other producers to freeze output.
U.S. crude futures CLc1 were 17 cents higher at $37.35 a barrel at 0054 GMT (8.54 p.m. EDT). On Monday, they settled down 3.4 percent at $37.18 a barrel.
Brent LCOc1 was also 17 higher at $39.70, after finishing $39.53 in the previous session.
OPEC crude is expected to be about 31.5 million barrels a day (MMbbl/d), which is about 100,000 bbl/d less than it forecast in February but 1.8 MMbbl/d more than in 2015.
Reference: Reuters
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