Dollar firm in Asia as dealers await US Fed move

TOKYO: The dollar edged up in Asia on Tuesday as investors await the outcome of a US Federal Reserve meeting for an idea of when it will begin to reel in its massive stimulus drive.

The US unit stood at 94.80 yen in Tokyo in the afternoon, from 94.67 yen in New York late Monday.

The euro also rose to 126.63 yen from 126.52 yen, but weakened to $1.3357 from $1.3363.

The Federal Open Market Committee will issue a statement on Wednesday after a two-day policy meeting, which will be quickly followed by a press briefing from the bank's chairman Ben Bernanke.

Markets have been in turmoil for weeks on speculation the central bank will announce a tightening of its $85 billion-a-month asset-buying programme, known as quantitative easing (QE).

A Financial Times report said Bernanke would likely signal the Fed is close to tapering the purchases but would temper that with arguing a move would depend on conditions in the world's largest economy.