Dollar Declines Versus Yen Before Federal Reserve Announcement
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The dollar declined against the yen before the Federal Reserve holds a policy meeting today amid speculation officials will maintain their pledge to keep borrowing costs at almost a record low.
The 17-nation euro climbed from a two-month low against the greenback after the European bailout fund held its first auction of bills, attracting bids for more than three times the amount of securities that it sold. The 17-nation currency erased earlier losses versus the yen after a German report showed investor confidence unexpectedly increased for the first time in 10 months. Currencies of commodity-exporting countries rose as raw material prices increased.