Dollar falls in Asia on Fed statement

The dollar fell in Asia Thursday after a statement overnight from the Federal Reserve didn't provide fresh clues about the direction of future U.S. monetary policy.

Photo: Dollar falls in Asia on Fed statement

The dollar was trading at 117.08 yen in Tokyo midafternoon, down from 117.46 yen from late Wednesday in New York. The euro rose to US$1.2718, from US$1.2691.

Traders said the dollar was being hemmed in ranges between 116.50 yen and 117.50 yen as trading lacked a clear direction.

"In this foreign exchange market with no clear-cut direction, players are unlikely to take any risks and thus hold off trading," said Hiroshi Imaizumi, senior dealer at Resona Bank.

The dollar was well supported around 116.50 yen as Japanese importers are placing orders for the dollar at about that price, dealers said.

"Right now, it's hard to predict when the three major currencies will break out of the current ranges," said Satoshi Tate, senior vice president of foreign exchange at Mizuho Corporate Bank.

The dollar was mostly lower against other regional currencies, slipping to 944.7 South Korean won from 950.8 the previous session, 9,138 Indonesian rupiah from 9,160, and 1.5808 Singapore dollar from 1.5876.