Euro slips against major currencies

The euro slipped against other currencies in Asian trade Wednesday as the market waited for the result of the US Federal Reserves two-day policy meeting.The European unit sank to $1.2284 and 95.84 yen in Tokyo morning trade from $1.2302 and 96.12 yen in New York late Tuesday.Chinas official manufacturing data fell in July from June, spurring risk-averse yen-buying against the dollar, said Kengo Suzuki, forex strategist at Mizuho Securities.The euro may trade in a $1.2250-$1.2350 range ahead of the outcome of the Federal Open Market Committee (FOMC) meeting, said Daisaku Ueno, senior foreign exchange and fixed income strategist at Mitsubishi UFJ Morgan Stanley.The market will be on a wait-and-see mode before the release of US economic indicators and the results of the FOMC meeting later in the day, he said.Ueno expected the Fed to refrain from taking any bold action immediately, instead signalling some intention to take steps later, possibly at its meeting in September.US economic indicators to be released Wednesday include car sales data and an ISM purchasing managers survey, both for July. Eyes will be on an meeting of the European Central Bank in Frankfurt on Thursday after president Mario Draghi pledged to do whatever was necessary to protect the embattled euro. US non-farm payrolls data is out Friday.