The dollar is little-changed against the euro early Wednesday in New York as investors await the conclusion of the Federal Reserve's policy meeting and subsequent rate decision. Though the Fed is nearly certain to leave rates on hold again at 5.25%, investors will parse the central bank's accompanying policy statement for any new wording with regard to growth and inflation. That said, analysts expect the statement to remain largely unchanged, and with investors already having reduced their euro holdings Tuesday ahead of the Federal Open Market Committee meeting, the greenback traded in narrow ranges overnight. "The dollar is treading water ahead of [Wednesday's] FOMC decision," David Watt, senior currency analyst at RBC Capital Markets said. "As has been the case for the past few FOMC meetings, there is little drama in the rate decision itself," he added; rather "the focus will be on the tone of the accompanying statement." The dollar has meanwhile slipped modestly against the yen in early trading in New York, as the Japanese currency made a move higher against both the greenback and the euro, causing the dollar to trade lower against the yen versus levels late Tuesday.