SYDNEY, Sept 14 — The dollar, euro and yen all got off to a slow start today with investors sticking to the sidelines as the countdown begins on whether the Federal Reserve will hike interest rates for the first time in nearly a decade.

The euro stood little changed at US$1.1342 (RM4.884), holding on to last week’s 1.8 per cent gain.

Against the yen, the greenback was similarly sluggish at 120.65, while the euro fetched 136.80.

Even another set of disappointing Chinese data released on Sunday failed to stir the market. Growth in China’s investment and factory output missed forecasts in August, raising the risk that economic growth may slow below 7 per cent in the third quarter for the first time since the global financial crisis.

“Softer Chinese industrial production and fixed asset investment data at the weekend should keep a lid on AUD and NZD, but markets are looking forward - to the Fed,” analysts at ANZ wrote in a note to clients.

The Fed holds its two-day meeting on Sept 16-17 and markets are still guessing whether the central bank will hike rates then, or opt for December or early next year.

“It is fair to say that the full spectrum of views is on offer. Clearly this is the most anticipated Fed meeting in a number of years,” ANZ analysts added.

This uncertainty is also clear in U.S. Treasuries where the benchmark yield has been drifting in a slim 2.109 per cent and 2.254 per cent range in the past three weeks.

Currency speculators, though, raised bullish bets on the greenback for the first time in about a month in the week ended Sept 8, latest figures showed, suggesting perhaps that some in the market are betting on a bit of action.

Ahead of the Fed, the Bank of Japan (BOJ) will hold its own policy meeting on Sept 14-15, with the outcome due on Tuesday.

While there is some talk that the BOJ may expand its already massive monetary stimulus, sources familiar with their thinking told Reuters that there is no mood to take such action this week.

Mirroring the lack of conviction in their G3 peers, commodity currencies were also sitting tight.

The Australian dollar last traded at US$0.7084, near late New York levels on Friday. It was, however, not far off a 6-1/2 year trough of US$0.6892 set a week ago.

There is no market-moving economic data out of Asia today, leaving the short-term focus on the usual suspects including Chinese stocks.