* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
By Kevin Buckland
TOKYO, March 16 (Reuters) - The U.S. dollar clung to small
gains from the start of the week on Tuesday as caution reigned
in currency markets ahead of major central bank meetings,
headlined by a two-day Federal Reserve gathering beginning later
in the global day.
The greenback hovered just off its highest since June versus
the yen JPY= and cemented a position around $1.19 per euro
EUR= in muted trading.
The Bank of Japan and Bank of England are also set to meet
this week.
Bitcoin BTC=BTSP was back around $55,000 after tumbling
from the weekend's all-time high near $62,000.
The firm tone for the dollar came despite a retreat in U.S.
benchmark yields from the highest levels in more than a year
ahead of the Fed meeting.
Policymakers are not likely to detour from monetary policy
despite an expected forecast of rapid economic growth in 2021 in
the wake of an accelerating COVID-19 vaccine rollout and a $1.9
trillion pandemic relief package heading to taxpayers and
others. A particular focus will be on any comments about the run-up
in yields, which have risen on bets faster growth and inflation
will prompt the central bankers to move faster than they have so
far signalled in normalising policy.
"Markets (are) essentially marking time ahead of the FOMC
meeting," which is "keeping investors a little bit cautious,"
National Australia Bank foreign-exchange strategist Rodrigo
Catril wrote in a client note.
"There is a lot of focus on whether the new forecasts and
dots plot will vindicate the current lift in Fed hike
expectations."
The benchmark 10-year Treasury yield US10YT=RR , which
reached 1.6420% at the end of last week, was last at 1.6073%.
The dollar was little changed at 109.170 yen early in
Tuesday's Asian session, after rising as high as 109.365
overnight. The BOJ begins a two-day policy meeting on Thursday,
along with an extensive policy review. The euro was largely flat at $1.19255, languishing below
$1.20 since March 5. Europe's vaccine rollout has been hampered
by the suspension of AstraZeneca (NASDAQ:AZN) PLC AZN.L shots in Germany,
France and other nations amid concerns about possible serious
side effects. Bitcoin, meanwhile, slipped further to around $54,782 on
Tuesday, following its jump to a record $61,781.83 on Saturday.
Currency bid prices at 047 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR=EBS $1.1927 $1.1929 -0.03% -2.39% +1.1937 +1.1924
Dollar/Yen JPY=D3 109.1770 109.1200 +0.00% +5.64% +109.2050 +0.0000
Euro/Yen EURJPY= 130.21 130.16 +0.04% +2.59% +130.3900 +130.1400
Dollar/Swiss CHF=EBS 0.9277 0.9275 +0.02% +4.86% +0.9278 +0.9275
Sterling/Dollar GBP=D3 1.3888 1.3900 -0.06% +1.68% +1.3902 +1.3890
Dollar/Canadian CAD=D3 1.2477 1.2473 +0.05% -2.00% +1.2480 +1.2468
Aussie/Dollar AUD=D3 0.7744 0.7756 -0.13% +0.69% +0.7755 +0.7742
NZ NZD=D3 0.7198 0.7200 +0.07% +0.33% +0.7204 +0.7200
Dollar/Dollar
All spots FX=
Tokyo spots AFX=
Europe spots EFX=
Volatilities FXVOL=
Tokyo Forex market info from BOJ TKYFX
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World FX rates https://tmsnrt.rs/2RBWI5E
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