By Deborah Levine & William L. Watts, MarketWatch NEW YORK (MarketWatch) -- The U.S. dollar declined versus the euro and other major currencies on Wednesday, pulled down as investors showed renewed appetite for equities and risky assets. Traders also awaited the conclusion of the U.S. Federal Reserve's two-day policy meeting. An announcement with policy makers' outlook for rates and the economy is expected at about 2:15 p.m. Eastern. The dollar index (DXY 76.06, -0.33, -0.43%) , which tracks the U.S. currency against a trade-weighted basket of major rivals, fell to 76.041, down from 76.369 in North American trade late Tuesday. The euro changed hands at $1.4788, up from $1.4712. The dollar pushed higher against the Japanese currency, however, to trade at 90.84 yen from 90.34 yen Tuesday. The yen is usually the biggest loser when investors want to move towards riskier holdings. European stocks gained ground. U.S. stock index futures pointed to a higher open on Wall Street after Tuesday's mixed finish. Read Europe Markets. Read Indications. "Risk on is the general theme running through foreign exchange markets overnight," said strategists at RBC capital markets. "Moves are, however, relatively small ahead of a day packed with data and event risk." Meanwhile, gold continued to press higher with futures setting another new record Wednesday. Gold jumped on Tuesday after India's central bank bought 200 metric tons of the precious metal from the International Monetary Fund. Read Metal Stocks. The dollar remained under pressure on Wednesday after ADP Employment Services said private employers cut 203,000 jobs in October, after a revised 227,000 in September that was fewer than initially reported. See more on ADP. Also pre-empting the Fed meeting will be the Institute for Supply Management's report on the non-manufacturing sector. The overwhelming consensus is that the Fed will hold the federal funds rate steady at near-zero, where the target has been since last December. Investors will be paying close attention, however, to the wording of the Fed's statement for any clue as to when the central bank would begin pushing interest rates higher. See preview of Fed meeting. Reports a couple weeks ago suggesting the committee could change the phrasing of the statement away from its previous pledge to maintain "exceptionally low" interest rates for an "extended period" have faded more recently as U.S. economic data has turned more mixed. "It seems that on balance the Fed is still concerned about the fragility of the financial system and without more compelling evidence that inflation expectations are increasing, officials believe they can afford to be patient," said currency strategists at Brown Brothers Harriman. "We expect no substantial change in this guidance. If there is, it would likely spur another round of dollar short-covering and could weigh on U.S. asset prices." The British pound gained ground against the dollar and the euro after a survey of purchasing managers indicated the U.K.'s dominant services sector saw activity rise at its fastest pace in more than two years. See full story. The pound changed hands at $1.6534 versus the dollar, a gain of 0.7% on the day. The euro slipped 0.2% versus sterling to 89.45 pence.

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