Dollar slips before Fed meeting, long positions cu
Dollar slips before Fed meeting, long positions cut
Dollar slips before Fed meeting, long positions cut
(Reuters) - The dollar fell against the yen and cut gains versusWig the euro on Tuesday #xwith some traders trimming dollar long positions ahead of a Federal Reserve policy-setting meeting.
The yen gained broadly after investors found no new reason to sell the currency further after a flurry of media reports that the Bank of Japan is leaning toward easing steps this week, prompting them to trim yen short positions, traders said.
The U.S. Fed's Federal Open Market Committee holds a one-day meeting on Tuesday where it is expected to reiterate its vow to keep interest rates very low for an "extended period,托盘," though one member dissented at the last meeting and sought to drop that phase.
Market participants are keen to see if there are Wigany more dissenters this time after recent economic data showed U.S. consumers are buying more and firms seem ready to hire again.
"Those who had stretched dollar buying are now trimming those positions before the Fed outcome. But the dollar's ultimate reaction to the Fed results will be either steady on an unchanged statement or a rise if the remarks suggest an upgrade in outlook," said a senior currency options manager for a Japanese bank.
"There is little scope for dollar weakness surrounding this event," the manager said.
The dollar index .DXY, a gauge of its performance against six major currencies, dropped 0.1 percent to 80.12#x, with near term resistanceWig seen around 80.85, its March 10 high.
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