TOKYO -- The dollar was rangebound against other major currencies in Asian trade Wednesday as investors awaited key data for new leads on the outlook for the US economy, dealers said.

The Institute for Supply Management's services index for February will be released later Wednesday, while pivotal monthly non-farm payrolls data will be published Friday.

"If these data show that the credit crunch is starting to affect corporate activity and the labour market more severely than had been expected, the dollar may resume its nosedive," said Mitsubishi UFJ Securities forex manager Minoru Shioiri.

The dollar was quoted at 103.36 yen in Tokyo morning trade, against 103.29 in New York late Tuesday.

The euro slipped to $1.5197 from $1.5210, and to 157.08 yen from 157.30.

The dollar got some support from a report that bond insurer Ambac Financial is close to sealing a bailout package, easing concern about the credit crunch and helping trim losses on Wall Street, dealers said.

But Japanese exporters were selling dollars during any rallies, limiting the currency's scope for a rebound, they said.

Analysts said the dollar's respite might prove short-lived.

"The dollar may be sold towards the 101 yen level, given lingering expectations of interest rate cuts (in the United States) and falling yields," said Bank of Tokyo Mitsubishi UFJ chief forex analyst Osamu Takashima.

Federal Reserve chairman Ben Bernanke called overnight for vigorous action by mortgage lenders to avoid foreclosures, sparking a broad flight to quality.

"This situation calls for a vigorous response," he said in a speech prepared for delivery to bank executives. He warned that "delinquencies and foreclosures likely will continue to rise for a while longer."

"Although lenders and servicers have scaled up their efforts and adopted a wide variety of loss-mitigation techniques, more can and should be done," America's top central banker said.

The euro had a softer tone after European officials expressed concern about the currency surging above $1.50.

"But unless the market starts to see some signs of an end to the interest rate cutting cycle in the US, or a shift in the monetary policy stance of the European Central Bank, the euro is likely to continue its firm trend against the dollar on widening interest-rate differentials," Takashima said.

"Given relatively solid economic data and a sturdy rise in inflation, the ECB may not change its policy bias as quickly as I had previously thought," he said.