The dollar traded near a seven-week high versus the yen as oil markets recovered from a supply shock, but the focus is firmly on a U.S. Federal Reserve meeting later on Wednesday that is widely expected to deliver an interest rate cut.

Major currencies are likely to trade in narrow ranges before the Fed's meeting. Fed Reserve Chairman Jerome Powell has clearly broadcast his intention to cut rates, so some analysts warn that the dollar could actually bounce if the Fed eases policy as expected.

The dollar traded at 108.10 yen on Wednesday, close to a seven-week high of 108.37 yen.

The dollar index measuring the greenback against a basket of six major currencies fell 0.02% to 98.242.

Source : Reuters