Major currencies that are closely linked to commodities prices were back on the defensive on Wednesday as oil prices inched lower and traders awaited the outcome of a U.S. Federal Reserve meeting later in the day. The New Zealand dollar was again the exception to that rule, gaining after the country's central bank governor played down the chances of further deep cuts to interest rates and helped by a more stable tone to Chinese stock markets. The dollar, euro and yen were all broadly steady, keeping the U.S. currency slightly lower against a basket of currencies ahead of a Fed policy statement which may be crucial for fading market expectations of a rate rise in September. "The commitment of many people to a September view has dripped away," said Jane Foley, a currency strategist with Rabobank in London. "It would be a big surprise for (Fed chief Janet) Yellen to be particularly hawkish today. "She will be upbeat -- December is still expected and she needs to prepare the ground for that -- but suggesting that September is very likely would be a shock." In early deals in Europe, the dollar was up 0.11 percent against the euro at $1.1057 and 0.05 percent at 123.63 yen. Those moves were all minimal, well within recent ranges and came in low trading volumes. The mood around the dollar remains solid. Even if the Fed takes until later this year, or even early next, to raise interest rates, it will be doing so while many of its peers are still looking in the opposite direction. The biggest loser among major currency pairs was the Australian dollar , down almost half a percent to $0.7302 and a reflection of the growing bearishness around a number of economies deeply dependent on demand for the commodities they produce. "We expect broad dollar strength against the overall commodity currency complex in developed markets as well as in emerging markets," analysts from Barclays said in a note focusing on the outlook for commodities prices and currencies. "Macroeconomic risks, particularly out of China could limit upside demand surprises, supply surprises appear largely to have been on the upside across most commodity markets." The Fed's policy statement is due at 1800 GMT, and trading ahead of that could be swayed by Wednesday being the last trading day for settlement before the month's end, traders said. The Aussie on Tuesday set a six-year low of $0.7257. The kiwi rose to as high as $0.6739, its two-week high, following Reserve Bank Governor Wheeler's comments. It last traded at $0.66676, down about 0.5 percent.

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