NEW YORK (CNNMoney.com) - Treasury prices slipped Wednesday as investors overlooked economic reports and instead focused their attention on the Federal Reserve's rate-setting meeting next week.

The dollar climbed against the euro and yen.

The benchmark 10-year note fell 8/32 to 99-27/32 to yield 4.52 percent, up from 4.49 late Tuesday. The 30-year bond lost 18/32 of a point to 109-19/32 to yield 4.72 percent, up from 4.68 in the previous session. Bond prices and yields move in opposite directions.

In shorter-dated debt, the two-year note was relatively unchanged, yielding 4.41 percent, and the five-year note fell 3/32, yielding 4.45 percent.

Bond prices failed to react to a report by employment consulting firm Challenger, Gray & Christmas Inc. that said planned U.S. layoffs jumped in November to 99,279, up 22 percent from 81,301 in October.

Earlier in the session, the Mortgage Bankers Association announced that mortgage applications rose for the first time in a month as the seasonally adjusted index of mortgage application activity for the week ended Dec. 2 increased 5.2 percent to 656.7, up from the previous week's 624.1.

Bonds hit one-month highs on Tuesday on expectations that a decline in unit labor costs could hasten an eventual end to tightening by the Federal Reserve.

The Fed meets next Tuesday and is widely expected to raise its benchmark rate another 25 basis points to 4.25 percent.

Inflation hurts bonds as it erodes the value of the fixed-income investment. But rising interest rates generally help the dollar as they make dollar-denominated securities more attractive to foreign investors.

In currency trading, the dollar has rallied about 14 percent against the euro and 18 percent against the yen this year, fueled largely by rising interest rates.

The euro bought $1.1724, down from $1.1792 late Tuesday. The dollar bought ¥120.98, up from ¥120.80 in the previous session.

-- from staff and wire reports.

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