Forex - Japanese yen, Aussie weaker in early Asian trade

Investing.com - The Japanese yen and Australian dollar lost ground early in Asia on Tuesday as investors looked for further guidance on global economic growth prospects.

USD/JPY traded at 106.98, up 0.12%, while AUD/USD changed hands at 0.8760, down 0.16%.

Japan's September CGPI is due at 0850 Tokyo (2350 GMT) together with September money stock data.

The forecast for domestic CGPI is a gain of 3.6% on year, the 18th straight year-on-year rise but at a slower pace than up 3.9% in August. M2 is forecast up 2.9% on year.

In Australia, Citi's annual investment conference is being held in Sydney at 0930 (2330 GMT) followed by the release of the NAB's business confidence and business conditions survey at 1130 (0030 GMT). Also in Australia, NAB's September survey of business confidence and conditions is due.

Last month confidence stood at 8 and conditions 4.

The Monetary Authority of Singapore releases its semi-annual monetary policy statements at 0800 local time (0000 GMT), in tandem with third quarter GDP data. No change in policy is expected.

Overnight, the dollar weakened against most major currencies after a key Federal Reserve official said over the weekend that rate hikes may come later rather than sooner if the global economy continues to flounder.

While the U.S. is seen closing its monthly bond-buying programs this month and hiking interest rates in 2015, expectations that the Federal Reserve may take its time when tightening policy next year began to build on Monday, especially in wake of dovish comments out of the U.S. central bank.

"If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise," Federal Reserve Vice Chair Stanley Fischer said in prepared remarks of a speech he delivered at the annual International Monetary Fund/World Bank meeting over the weekend.

Bottom fishers also gave the single currency an edge over the dollar, though gains were seen as limited on concerns the European economy faces building headwinds, which may require fresh stimulus measures from the European Central Bank.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.02% at 85.26.