FOREX-Dollar slips, markets brace for Fed decision

* Dollar slips, retreats from 1-mth high vs FX basket, euro

* Traders brace for Fed, c.bank seen keeping low rate pledge

* U.S. jobs data due in N.Y. session

(Adds quotes, updates prices)

By Naomi Tajitsu

LONDON, Nov 4 (Reuters) - The dollar retreated from a one-month high against a currency basket on Wednesday as traders braced for a policy decision from the Federal Reserve, which was seen keeping to its promise to keep interest rates low.

Analysts expect the U.S. central bank will uphold its pledge to keep the Fed funds rate low for "an extended period", as quoted in past statements, even as the economy shows signs of improving. Rates have been locked near zero for almost a year.

The Fed announces its decision around 1915 GMT. Currencies moved in fairly tight ranges in European trade, while analysts said the dollar may face selling pressure if an unchanged statement boosts stocks on the view that U.S. rates will stay low until at least mid-2010, as the market expects.

"The Fed is unlikely to offer any hints into the timing of an exit strategy and eventual rate rises, which may help stocks to rise and consequently boost euro/dollar," said Antje Praefcke, currency strategist at Commerzbank in Frankfurt.