Dollar retreats slightly as the Fed rate decision approaches (AP) (30-04-2008)

TOKYO (AP) -- The dollar pulled back in a narrow range versus the yen in Asia on Wednesday, as investors awaited the outcome of a U.S. Federal Reserve meeting on interest rates.

The U. S. currency was quoted at 103.90 yen mid-afternoon in Tokyo trade, down from 104.17 yen late Tuesday in New York. The euro was quoted at US$1.5576, up from US$1.5564.

Fed Chairman Ben Bernanke and his colleagues are ending a rate decision meeting later today. Financial markets widely expected that the discussions would end with an announcement that the U.S. central bank would cut a key interest rate by a quarter-point, although there has been talk lately that the Fed will pass on cutting at this time, as recession fears set in.

In other Asian currencies, the dollar was quoted at 31.74 to the Thai baht, little moved from 31.72 in New York late Tuesday. Against the Singapore dollar, the US currency stood at 1.3618 compared with 1.3620.

SourceAP