The dollar was drifting in lacklustre Tokyo currency trade Tuesday as investors awaited the outcome of a US Federal Reserve policy-making meeting, dealers said.
The greenback was quoted at 108.25-28 yen at 3:00 p.m. (0600 GMT), down slightly from 108.62 yen in New York but up from 107.92 yen in Tokyo late Monday.
"There aren't any buying or selling factors in the market. We cannot make any active moves," said Fuji Bank dealer Hideyuki Tsukamoto.
Investors expected the US Federal Open Market Committee (FOMC) meeting later Tuesday to sit tight on interest rates, he said.
"The market has already factored in that the US FOMC meeting will keep interest rates unchanged."
But investors would look for a clue on the direction of monetary policy in the FOMC statement after the meeting, Tsukamoto said.
The euro meanwhile traded at 0.9030-33 dollars around 3:00 p.m., against $0.9015 in New York and $0.9036 in Tokyo late Monday, with the FOMC meeting also overshadowing trade.
The euro was also worth 97.77 yen, against 97.92 in New York and 97.51 in Tokyo Monday. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
