Forex - Dollar steady in afternoon Asian trade ahead of Federal Reserve meeting

What's the latest FOREX news?
Here's the latest from CNN Money:

The dollar was steady against the yen and the euro in afternoon Asian trade on Tuesday as investors stayed on the sidelines ahead of the Federal Reserve meeting later today.

'The dollar will keep consolidating for the time being after its dramatic moves recently,' said David Mann, currency strategist at Standard Chartered Bank. 'There are wide views of what the Fed will do, with estimates ranging from a 50 to 125 basis points rate cut.'
Investors will also be keeping an eye on the earnings results of Goldman Sachs (NYSE:GS) and Lehman Brothers (NYSE:LEH) later today because there is speculation that other investment banks may also announce huge losses due to unpaid home mortgages.

Last week, financial markets were rattled when former Wall Street heavyweight Bear Stearns Cos (NYSE:BSC) collapsed due to the cash crunch, prompting investors to dump the dollar, which fell to historic lows against the euro and to 12-year lows versus the yen in the past few days.

The euro touched a fresh record high of 1.5904 dollars overnight, while the dollar fell to as low as 95.72 yen, its lowest level since August 1995.

At 1.00 pm (0500 GMT), the dollar was trading at 97.12 yen from 97.01 yen in Tokyo this morning. The euro was quoted at 1.5774 dollars from 1.5743 dollars.

'Investors are now waiting for the outcome of quarterly results from US investment banks following the collapse of Bear Stearns to see if there are fresh developments,' NTT Smarttrade director Takashi Kudo said.

The Fed has since September slashed its key rates by a cumulative 225 basis points to restore confidence in the financial markets, ease the credit crunch and help investment banks cope with rising losses from unpaid housing loans.