The U.S. dollar was steady in cautious Asian trade yesterday ahead of monetary policy meetings at the U.S. Federal Reserve and other key central banks this week, dealers said.The greenback was at 90.29 yen in Tokyo afternoon trade, against 90.31 late Tuesday in New York. The euro inched up to US$1.4730 from US$1.4728 and to 133.02 yen from 133.19.
"Players are refraining from taking clear positions ahead of the FOMC (Federal Open Market Committee meeting)," said Yosuke Hosokawa, head of forex group at Chuo Mitsui Trust Bank.
"The chances of a change in rates are extremely slim as the U.S. economy is still struggling to recover from abnormal economic conditions," said Hosokawa.
"Market participants will look to see how positively the FOMC assesses the US economy," he added.
The U.S. Federal Reserve was widely expected to hold its key lending rate steady in a range of zero to 0.25 percent yesterday. The European Central Bank and Bank of England will announce policy decisions the following day.
In regional Asian trade, the dollar declined to 1,180.90 South Korean won from 1,182.05 on Tuesday, to 1.3978 Singapore dollars from 1.3997 and to 9,547 Indonesian rupiah from 9,580.
The greenback fell to NT$32.55 from NT$32.56, to 33.44 Thai baht from 33.47 and to 47.70 Philippine pesos from 48.00.
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