Finotec

The dollar held steady against the yen on Tuesday, getting some respite after hitting a six-week low last week on poor U.S. jobs data that bolstered expectations for an aggressive Federal Reserve rate cut. The dollar is trading around the levels of 1.4700 against the Euro, around the levels of 109.45 against the Yen and around the levels of 1.9795 against the Sterling.

The dollar has staged a slight rebound this week as some traders were disappointed the weak payrolls report did not spark a deeper retreat in the U.S. currency, prompting them to reverse short positions."Market players have been forced into short-covering after selling dollars aggressively," said a senior trader for a major Japanese trading house. "The dollar could rebound due to technical factors," the trader said.

The yen slid against the euro and high-yielding currencies as stability in Asian equity markets eased risk aversion and prompted investors to step back from unwinding carry trades. The dollar stood at 109.35 yen as of 0600 GMT, up slightly from late U.S. trading on Monday. The dollar hit a trough of 107.90 yen on Friday on electronic trading platform EBS, the lowest in nearly six weeks.

The euro edged up to $1.4705, pulled up by its gains against the yen, but remained below Friday's EBS high of $1.4825, which was the highest for the euro since late November. Sterling was up 0.1 percent to $1.9715, recovering from a 4-1/2-month low of $1.9653 hit on Monday, but weighed by weak data underscoring expectations for further monetary easing by the Bank of England.