The dollar maintained a decline against the euro before the Federal Reserve releases January meeting minutes as investors weigh when the U.S. central bank will reduce monetary stimulus. Japan’s trade balance figures today are forecast to show the biggest deficit in a year.
“The euro continues to respond to the stabilization — and it’s no more than that — in the euro zone,” said Imre Speizer, a strategist at Westpac Banking Corp. in Auckland. “But it’s a positive signal for market confidence. Investors are feeling better, or at least no worse, about prospects for the region.”
The euro was unchanged at 86.80 pence as of 8:05am in Tokyo after rising 0.8 percent in the preceding two days. The dollar traded at $1.3391 per euro following a 0.3 percent decline yesterday to $1.3388. The yen was little changed at 93.58 per dollar.
The European Commission will probably say today that its index of consumer confidence rose to minus 23.2 this month from minus 23.9 in January, according the median estimate of economists surveyed by Bloomberg News.