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The dollar was little changed at 107.75 yen on Wednesday in Asia following a 0.6% decline in the previous session. Against the British pound, the greenback traded at US$ 1.2713, close to a three-month low.
The dollar bought 0.9510 Swiss franc on Wednesday in Asia after falling 0.7% on Tuesday.
The yield on benchmark 10-year Treasury notes was little changed at 0.8253% on Wednesday. Long-term Treasury yields fell on Tuesday and the yield curve flattened slightly as traders adjusted positions before the Fed meeting.
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U.S. central bankers on Wednesday will also publish their first economic projections since the coronavirus pandemic set off a recession in February.
Estimates are expected to signal a collapse in output this year and near-zero interest rates for the next few years.
The Australian dollar pulled back from an 11-month high and fell 0.27% to US$ 0.6941, while the New Zealand dollar fell from its strongest level since late January to traded at US$ 0.6487.
The Antipodean currencies have been on a stellar run against the greenback due to hopes for economic recovery, prompting some investors to book profits.
Some traders are worried about a deterioration in diplomatic relations between Australia and China, which has also weighed on the Aussie.
The euro traded at US$ 1.1334. Against the pound, the common currency bought 89.20 pence, on course for a second day of gains.
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Concerns about progress in trade talks between Britain and the European Union continue to hamper both the euro and the pound.
The EU's chief Brexit negotiator, Michel Barnier, is scheduled to speak later on Wednesday, which may yield details that will help determine whether market sentiment will improve.
