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The dollar edged down against the yen and euro in Asian trade Monday as investors waited for the outcome of this week's US Federal Reserve policy meeting, analysts said.
In morning trade, the dollar traded at 85.72 yen compared with 85.80 yen late Friday in New York trade. Markets in Japan are closed for a public holiday and will re-open Tuesday. The euro was quoted at 1.3075 dollars, up from 1.3041 dollars in New York on Friday and the euro-yen traded at 112.10 compared with 111.88.
Analysts expect the US Federal Reserve Open Committee (FOMC) to keep interest rates at historic lows when they meet Tuesday but they will be reading the central bank's assessment of the world's biggest economy for hints of any possible policy changes.
"There hasn't been much movement in the markets," said Emmanuel Ng, a currency strategist with Singapore's Oversea-Chinese Banking Corp. "They will be looking for any change in the Fed language."
Members of the Fed's policymaking panel will gather for the last time before November's mid-term elections, with the economic outlook brighter since their last meeting.
