Dollar drifts as traders eye US inflation data; frail yen in focus

SINGAPORE - The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.

But before that, U.S. Producer Price Index is due to be released later on Tuesday, which analysts will parse through to get a sense of whether inflation is heading towards the Fed's target of 2%. But the market remains bearish on the currency given the massive gap between Japan's ultra-low yields and those in other major economies.

The yen was briefly supported on Monday when the Bank of Japan sent a hawkish signal by cutting its offer amount for a segment of Japanese government bonds.

Shunichi Suzuki Yen

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