Asia FX muted before more rate cues; yen shrugs off intervention fears

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Most Asian currencies moved little on Tuesday as traders awaited more cues on the U.S. economy and interest rates. Regional currencies were still recovering from steep losses against the dollar over the past week. The Japanese yen remained near 34-year highs despite intervention fears. The Bank of Japan is expected to keep rates on hold at its upcoming meeting. The dollar index futures remained close to five-month highs. The Australian dollar rose from near five-month lows. The Chinese yuan and South Korean won remained close to five-month highs. The Singapore dollar was flat, while the Indian rupee hovered below record highs.

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