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TOKYO: The US dollar held close to the recent trading ranges early in Asia on Tuesday, with investors cautiously awaiting the outcome of the Federal Reserve's two-day policy meeting amid the backdrop of stressed financial markets and slackening global growth.
U.S. interest rates futures implied traders placed a mere 13 percent chance the Fed will hike rates this week. Investors will be parsing the message on what, if any, effect volatility in global markets, plummeting oil prices and heightened fears of a Chinese slowdown will have on the Fed's intentions to continue raising interest rates this year.
The dollar edged down slightly against the yen at 118.11 , but remained comfortably above a one-year low of 115.97 plumbed last week, with investors also focusing on the Bank of Japan's two-day meeting that will end on Friday.
Sources familiar with the Japanese central bank's thinking say it is likely to cut its core consumer inflation forecast for the coming fiscal year to possibly below 1 percent.