Investing.com - The dollar rose to one-week highs against the yen on Tuesday after data showed that economic growth in China remained steady in the fourth quarter, while the euro remained broadly weaker ahead of the European Central Bank meeting later in the week.
USD/JPY was up 0.68% to 118.35, the most since January 13 from 117.55 late Monday.
China’s gross domestic product expanded at an annual rate of 7.3% in the three months to December. Economists had expected growth to slow to 7.2% from 7.3% in the third quarter.
On a quarter-over-quarter basis, China’s economy slowed to 1.5% from 1.9% in the third quarter, compared to forecasts for 1.7%.
The report eased concerns over the slowdown in the world's second-largest economy.
EUR/USD dipped 0.10% to 1.1590, not far from Friday’s 11-year trough of 1.1459 as investors waited to see if the ECB would embark on an outright quantitative easing program on Thursday.
The single currency has been pressured lower by mounting expectations that the ECB will launch a government bond-buying program, in a bid to stave off the threat of deflation in the euro area.
Uncertainty over the outcome of Greek elections, due to be held on Sunday, with anti-bailout party Syriza leading in the polls also weighed.
The euro pushed higher against the yen, with EUR/JPY rising 0.36% to 136.95.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.16% to 93.00.