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Dollar slightly lower

NEW YORK: The dollar slipped slightly in quiet U.S. midday trade with many players on hold until U.S. and German central bank policy meetings later in the week.

Dealers view the slow drift down as a consolidation before another run up and say the overall trend remains bullish.

Pettit said he expects the Federal Reserve and the Bundesbank to leave official rates unchanged.

The dollar was down against the mark at midday at 1.4723/28 compared to 1.4742/47 at the open. It was at 96.47/57 against the yen versus 96.75/85 at the open.

The Bundesbank's regular council meeting is on Thursday, but most dealers do not expect it to trim its discount or Lambard rates. Instead, many are focused on prospects for an ease in the German repo rate. Some noted the prospects for a German ease had diminished since the rebound of dollar/mark.

At midday, the dollar was at 1.2215/25 Swiss francs, up from 1.2205/15 Swiss francs at the open and at Canadian $1.3586/91, from $1.3590/85. Sterling eased to $1.5405/10, up from the open's $1.5410/20.-Reuter