The dollar remained higher versus the yen following a gain yesterday before U.S. data forecast to show consumer spending climbed the most in five months.
The greenback maintained an advance against the euro as investors weigh whether Federal Reserve Chairman Ben S. Bernanke will signal a new round of bond purchases when he speaks in Jackson Hole, Wyoming tomorrow. The New Zealand dollar touched a one-month low.
"The market is scaling back its expectations a little bit for another clear signal of imminent policy easing as early as this week," said Ray Attrill, global co-head of foreign- exchange strategy at National Australia Bank Ltd. (NAB) in Sydney. "That's why the dollar is just a little bit firmer."
The greenback traded at 78.73 yen as of 7:56 a.m. in Tokyo after gaining 0.3 percent to 78.71 yesterday. It was at $1.2534 per euro following a 0.3 percent advance to $1.2530 in New York. Europe's shared currency was little changed at 98.69 yen. The New Zealand dollar, known as the kiwi, slid to 80.01 U.S. cents, the lowest since July 27, before trading at 80.14, up 0.1 percent from yesterday.
U.S. consumer spending probably rose 0.5 percent in July from a month earlier, the most since February, according to the median estimate of economists in a Bloomberg News survey. The Commerce Department releases the figure today.
New Zealand's home-building approvals increased 2 percent in July, falling short of the 3 percent advance forecast by economists, according to a government report today.
To contact the reporters on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net; Kristine Aquino in Singapore at kaquino1@bloomberg.net
To contact the editor responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net
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