The dollar remained lower against the yen and euro amid speculation the Federal Reserve will expand monetary stimulus at a two-day meeting starting today. In the U.S., the Federal Open Market Committee begins its last meeting for 2012 today. The central bank will amplify record accommodation by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.

Demand for the relative safety of the world’s reserve currency was limited as investors weighed prospects for a U.S. budget deal. The 17-nation euro traded near a two-week low versus the yen before a German survey of investor confidence today that’s forecast to show a negative index figure for a seventh-consecutive month. In Germany, the ZEW Center for European Economic Research will probably say today its index of expectations among German investors and analysts was at minus 11.5 this month from minus 15.7 in November, according to the median estimate of economists in a Bloomberg survey. A separate gauge assessing the current economic situation may rise to 6 from 5.4 last month, another poll shows. European Union heads of government will hold a summit on Dec. 13-14 in Brussels.

EUR / USD: during the Asian session, the pair rose to $ 1.2960.

GBP / USD: during the Asian session, the pair rose to $ 1.6090.

USD / JPY: during the Asian session, the pair traded in the range of Y82.30-45.