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Forex - Dollar little changed vs. yen, euro

Published 04/28/2014, 02:34 AM
Dollar steady against yen and euro at start of week

Investing.com -The dollar was steady against the yen and the euro on Monday as investors looked ahead to a series of key economic events later in the week to provide the markets with clear direction.

USD/JPY edged up to 102.24 from Friday’s close of 102.18.

The pair was likely to find support at 101.95, Friday’s low and resistance at 102.70.

Market participants were looking ahead to monetary policy statements by the Bank of Japan and the Federal Reserve on Wednesday. The BoJ was expected to keep the size of its stimulus program unchanged, while the Fed was expected to stick to its current timetable for tapering its asset purchase program.

Meanwhile, Friday’s U.S. jobs report for April was expected to indicate that the recovery in the labor market is continuing.

Investors were also watching events in eastern Ukraine, as hostilities between Kiev and Russia continued and the West prepared to step up sanctions against Russia.

EUR/USD was trading at 1.3820, edging down from Friday’s close of 1.3826.

The euro zone was to release preliminary data on inflation on Wednesday, which could determine whether or not the European Central Bank embarks on another round of stimulus measures.

Elsewhere, EUR/JPY dipped 0.05% to trade at 141.28.

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