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The dollar rose in Asia trade today, as investors focus on the outcome of a two-day Fed policy meeting with many eyeing a further reduction in the bank's stimulus drive.
In midday Tokyo trade, the dollar fetched 103.16 yen, up from 102.97 yen in New York on Tuesday afternoon. The euro also rose to 140.87 yen from 140.73 yen in US trade while it weakened to $1.3655 against $1.3667.
“Calming worries in emerging markets amid supportive actions by some EM (emerging market) central banks, together with a higher-than-expected January consumer confidence in the US, helped an improvement in market tone,” Credit Agricole said.
The Fed last month said it would reduce its bond-buying by $10 billion-a-month from January to $75 billion, citing a pick-up in the world's biggest economy, and markets are widely expecting it to announce a similar-sized cut on Wednesday.
Global equity and forex markets have been in turmoil since the end of last week after a plunge in the Argentine peso sparked fresh worries about developing nations' economies. But Wednesday trade saw easing concern over emerging market sell-offs after Turkey's decision on Tuesday to aggressively raise interest rates to defend the lira. India's central bank also hiked interest rates on Tuesday.
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