Asian currencies consolidated against the dollar on Tuesday, trading in narrow ranges as investors assessed the outlook for global growth and monetary policy. The Japanese yen held near 149 per dollar, while the Chinese yuan steadied around 7.24 per dollar after recent volatility.

Market participants remain cautious as risk-off sentiment persists, driven by concerns over China's economic recovery and the Federal Reserve's interest rate trajectory. Regional central banks are monitoring capital flows closely, with several intervening verbally to curb excessive volatility.

The South Korean won and Taiwan dollar showed resilience, supported by strong export data from their technology sectors. However, thinner liquidity during the holiday season may amplify price swings.

Analysts suggest the consolidation phase could extend through year-end, with directional moves likely dependent on upcoming U.S. inflation data and any policy signals from the People's Bank of China.