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Asian shares eked out small gains and the dollar was riding high on Thursday after generally solid US economic data and expectations of business-friendly policies following the Republican Party's election victory helped Wall Street shares to finish at a record high.
The euro was holding near two-year lows although the common currency could see a rebound if European Central Bank chief Mario Draghi scales back his readiness for more stimulus given reports of internal opposition to quantitative easing.
"I think it will be difficult for the ECB to adopt new measures now so the baseline scenario would be that Draghi will drop some hints of possible easing in the future," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank.
Japan's Nikkei share average rose 0.4% while MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade.
That followed record closing highs on Wednesday for the Dow and the S&P 500 Index which both rose 0.6%, led by gains in energy and financial shares seen as possible beneficiaries of looser regulations under a Republican-controlled Congress.
Payroll processor ADP reported solid US private-sector job growth in October, auguring well for jobs data due on Friday.
The US dollar was strong, with its index against a basket of currencies holding near a four-year peak of 87.606 hit on Wednesday.
The index, which has risen almost 11% from this year's low hit in May, now has its 2010 peak of 88.708 within sight.
The euro traded at $1.2483, near a two-year low of $1.2439 hit on Monday, undermined by concerns that the euro zone economy could be slipping into recession and deflation.
Speculation that the ECB may adopt full-fledged quantitative easing, such as large-scale buying of euro zone sovereign debt, to cope with economic threats has pushed down the euro for months, even though few market players expect a decision on Thursday.
A Reuters report on Tuesday that national central bankers in the euro area plan to challenge Draghi over what they see as his secretive management style and erratic communication made many traders extra cautious about betting too heavily against the euro.
Speculators were eager to sell the yen instead after the BOJ last week surprised markets by enhancing its already massive quantitative easing.
The dollar hit a seven-year high of 114.85 yen on Wednesday and last stood at 114.67 yen.
A strong dollar undermined the case for investing in precious metals, sending the price of gold and silver to 4 1/2-year lows.
Gold fell as low as $1,137.40 per ounce on Wednesday, down 2.3% and its second-largest one-day drop so far this year. It last traded at $1,143.80.
Silver traded at $15.31 per ounce after a 4.1% fall on Wednesday.
