Market looks freezed in Asia Afternoon.

The US dollar was little changed against the yen and euro in early afternoon trade in Asia as investors preferred to take a 'wait-and-see' approach ahead of tonight's key US July consumer inflation.

At 0340 GMT, the US dollar was at 116.02 yen, up from 115.99 yen in early trade here. The euro was flat at 1.2790 usd. Expectations for tonight's CPI data and further US interest rate hikes were pared back overnight after the release of lower-than-expected US producer inflation data.

Australian dollar will likely gain if core CPI data comes in below market expectations as this would support the case for the Federal Reserve to keep the Fed funds rate at 5.25 pct. Maintaining the Fed rate at this level should encourage buyers into the Aussie dollar.