The U.S. dollar held near multi-year highs on the yen and euro on Tuesday amid starkly different outlooks for global interest rates, while Asian investors braced for more economic news from China.

Investors were waiting on Chinese inflation data, where a soft result would underline the scope for easier monetary and fiscal policies, but might also aggravate fears of deflation. Consumer prices are seen rising 0.8 percent in February, from January, while the annual pace should tick up to 0.9 percent.