Dollar edges up in Asia

TOKYO: The dollar edged up against the yen in Asia Tuesday following a record close on Wall Street while investors await the release of key economic data from around the globe.

The greenback was at 102.20 yen in midday Tokyo trade, up from 102.09 yen in New York Monday afternoon, while the euro bought $1.3756 and 140.60 yen, compared with $1.3758 and 140.50 yen in US trade.

Dealers were in an upbeat mood after the Dow and S&P 500 in New York finished at record highs, while the Nasdaq also surged, thanks to a pick-up in technology shares.

The single currency has been under pressure since last week when European Central Bank chief Mario Draghi said he was ready to ease monetary policy soon as the currency bloc suffers from continuing weak inflation.

Market-watchers suggested the ECB would now now likely be forced to act at next month´s policy meeting or risk losing its credibility with the markets.

Eyes are now on the release of a string of crucial indicators to be unveiled later in the day, starting with Chinese industrial production, retail sales and industrial output.

That will be followed by the ZEW monthly indicator of German economic sentiment and US retail sales for April.

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