why euro down in asian trade april 4 2012

forex trading outlook today - why euro down in asian trade april 4 2012, us dollar april 4 2012, analyst forex market today april 4 2012, yen trade april 4 2012 : The euro fell against the dollar and yen on Wednesday in Asia as most regional stock markets were lower, weighed by diminished expectations for further easing by the U.S. Federal Reserve and a surprise Australian trade deficit.

Japan's Nikkei Stock Average tumbled to a more than three week low after minutes of the Federal Open Market Committee's March 13 meeting, released Tuesday, indicated that the central bank is in no hurry to launch new measures to boost U.S. economic growth.

Data on Wednesday showing Australia recorded a trade deficit of A$480 million in February, compared to an expected surplus of around A$1.1 billion, gave a further tailwind to bids for safe haven currencies.

To assess the strength of a recovery in the U.S. economy, market participants will be paying attention to indicators due later in the global day, including private jobs data for March from Automatic Data Processing, Inc. and non-manufacturing data for March from the Institute for Supply Management.

Barclays Bank Chief FX strategist Masafumi Yamamoto said the dollar may be supported against the yen by the ISM non-manufacturing report.

Though the house expects the ISM index to come in at 57.0, lower than the previous month's 57.3, "the level itself is high and its recovery outpaces that of the manufacturing index," he said.

A good non-manufacturing ISM figure has typically been positive for the dollar against the yen as it suggests solid growth in the U.S. jobs market, he said.

Economists polled by Dow Jones Newswire expect the index to show 56.9.

Conversely, any weaker-than-expected data may not increase speculation for additional growth-boosting measures by the Fed, Tokyo dealers said.

"The impact from yesterday's FOMC minutes may last a long time," said Kenichiro Ikezawa, fund manager at Daiwa SB Investments.

Market participants will also watch comments from European Central Bank President Mario Draghi at a press conference later in the day. With limited risk of inflation in the euro zone, he isn't expected to take a more hawkish position on monetary policy, according to analysts.

The euro was at $1.3196 as of 0450 GMT from $1.3233 late Tuesday in New York, according to EBS. The euro was at Y109.16 from Y109.54.

The dollar was at Y82.73 from Y82.81.

The U.K. pound was at $1.5888 from $1.5913. The dollar was at CHF0.9124 from CHF0.9098.

The ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at 79.527 from 79.378.

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