The US dollar was slightly lower, just off its highest since May 2020, while the yen staged a modest rebound after crashing to its lowest level since August 2015 yesterday.
"Markets are in a wait-and-see mode at the moment, as new talks over Ukraine will start later today," Roberto Mialich, forex strategist at Unicredit said. The greenback fell 0.2% to 123.6 against the yen after rising to its highest level since 2015 on Monday, while it is set for its biggest monthly rise since November 2016.
The Bank of Japan today kept up its relentless quest to defend a key yield cap by offering to buy unlimited amounts of 10-year government bonds, putting even more downward pressure on the yen.
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