The yen slipped from an 18-month high against the dollar on Wednesday, losing some steam as position squaring set in after its sharp rally since last week. The dollar's gains against the yen came in thin market conditions, with Japanese markets closed on Wednesday and Thursday for public holidays. Last week, the yen saw its biggest weekly gain since 2008 - more than 5 percent against the dollar - as the Bank of Japan held off from expanding its stimulus.

The Aussie had tumbled nearly 2.4 percent on Tuesday after the country's central bank cut interest rates for the first time in a year, and as commodity prices fell. Later on Wednesday, the focus will be on U.S. economic indicators such as a report on private employment and an industry report on the U.S. services sector.

EUR/USD: during the Asian session the pair fell to $1.1475

GBP/USD: during the Asian session the pair traded in the range of $1.4515-50

USD/JPY: during the Asian session the pair rose to Y107.35

Based on Reuters materials