U.S. dollar slumps ahead of Fed meeting

The U.S. dollar fell against other major currencies on Wednesday as investors cut long positions on the dollar against yen and euro ahead of the Federal Reserve policy meeting.

The dollar index, which measures the greenback against six major peers, was down 1.10 percent at 97.393 in late trading.

With no major came out Wednesday, analysts said that the market moves were mainly technical and that the response was "an old-fashioned clean-out in a thin market that's jittery ahead of next week."

Most investors believed that the U.S. central bank would raise interest rates in its December policy meeting next week.

In late New York trading, the euro increased to 1.1018 dollars from 1.0886 dollars in the previous session, and the British pound rose to 1.5178 dollars from 1.4998 U.S. dollars in the previous session. The Australian dollar climbed to 0.7234 dollar from 0.7206 dollar.

The U.S. dollar bought 121.34 Japanese yen, lower than 123.06 yen of the previous session. The U.S. dollar declined to 0.9838 Swiss franc from 0.9998 Swiss franc, and it went down to 1.3577 Canadian dollars from 1.3582 Canadian dollars. Enditem