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The dollar is settling against the yen as fears about a trade war wane
The dollar steadied against the yen on Tuesday, buoyed by worries about a trade war as a result of US President Donald Trump's proposal to impose tariffs on steel and aluminum imports.
The dollar fell to a 16-month low against safe-haven yen late last week as fears of a trade war gripped the markets after Trump announced its plan for steel and aluminum tariffs.
The dollar was steady at 106.22 yen. On Monday, the dollar rose 0.4 percent, away from the 16-month low of 105.24 yen hit on Friday.
The yen showed limited reaction after Bank of Japan governor Haruhiko Kuroda said on Tuesday there was downside risk to the central bank's forecast that inflation would hit its target of 2 percent near the fiscal year ending in March 2020.
The Canadian currency settled in the latest trading at 1.2980 Canadian dollars to the United States dollars. On Monday, the Canadian dollar fell to 1.3002 against the US dollar, its lowest level since July last year.
The euro was up 0.1 percent at $ 1.2347, recovering after a brief sell-off on Monday linked to Italy's inconclusive election results over the weekend.
The Australian dollar was up 0.1 percent at $ 0.7770. The reaction was limited to the Reserve Bank of Australia's widely expected decision to keep interest rates unchanged at 1.5 percent.
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