FOREX-Dollar pressured by Fed's pledge on low rates

* USD resumes fall, Fed keeps "extended period" pledge

* High-yielders back in favour

* Focus now on ECB, BoE rate decisions

By Anirban Nag

SYDNEY, Nov 5 (Reuters) - The U.S. dollar was under pressure on Thursday, moving towards recent multi-month lows on a basket of currencies, after the U.S. Federal Reserve's reiterated its committment to keep rates low for months to come.

U.S. fed funds futures <0#FF:> trimmed chances of a rate hike after Fed's pledge to near zero for an 'extended period', a decision traders say is likely to fuel leveraged carry trades and boost demand for high-yielding currencies like the Australian and New Zealand dolalrs.

"I do not think the Fed signalled any change," said Richard Grace, chief currency strategist at Commonwealth Bank of Australia. "The policy guidance remains the same. I think the downtrend in the U.S. dollar is intact and we could see the dollar index fall to around 74 in the short term."

The U.S. dollar index =USD, which measures the dollar's value against a basket of currencies, was down 0.83 percent at 75.751, retreating from Tuesday's one-month high of 76.817. It hit a 14-month low of 74.95 on Oct. 23, and a break below 75.19 would open it to a test of that level.

But investors are likely to stay wary about selling dollars too aggressively as the Fed appeared to be more confident about an economic recovery in its latest statement. [ID:nN04453484]