FOREX-Euro erases losses versus dollar on ECB's Weber

* Euro rebounds versus dollar on ECB's Weber comments

* Investors await FOMC minutes for insight on easing

* Dollar hovers around 82 yen, near 15-year lows (Adds quotes, details, updates prices)

By Wanfeng Zhou

NEW YORK, Oct 12 (Reuters) - The euro erased losses against the dollar on Tuesday after European Central Bank Governing Council member Axel Weber said the ECB's government bond-buying program has not worked and should be scrapped.

Speaking in New York, Weber also called for the ECB to scale back its other forms of support as soon as possible and not delay interest rate hikes. For more, see [ID:nFAB015792]

"The ECB is concerned about the stability of their currency and they are consequently planning to withdraw the minimal amount of QE they have supplied," said Joseph Trevisani, chief market analyst at FX Solutions in Saddle River, New Jersey. "The Fed is not concerned and seems to be planning to double its QE with the result the euro is up. The dollar is down."

In midday trading, the euro was little changed at $1.3868. It had fallen as low as $1.3775 on trading platform EBS, its lowest level since Oct. 5, retreating further from a more than eight-month high of $1.4030 hit last week.

The dollar had earlier edged higher against the euro as investors awaited minutes from the Federal Reserve's latest meeting for clues on the central bank's stance toward purchasing more assets to stimulate the economy in a process referred to as quantitative easing.

Investors covered stretched short positions in the dollar as they scaled back some of their more aggressive quantitative easing expectations. Fed minutes are scheduled to be released at 2 p.m. (1800 GMT).

A Reuters poll of U.S. primary dealers conducted last week forecast a new round of quantitative easing would range between $500 billion and $1.5 trillion [FED/R], with market players also keen to assess whether the Fed will adopt a "drip-feed" or "shock-and-awe" approach. Most think the Fed will announce its second round of easing after its next meeting on Nov. 3.

"I think it has the opportunity to disappoint people. It's going to focus on incremental changes in policy," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York.

"A lot of people are starting to get a little bit concerned. We saw that consolidation starting to take place on Friday and it seems to have rolled over into today as well," he added.

The dollar dipped against the yen , pressured by falling U.S. Treasury yields.

The dollar fell 0.4 percent to 81.80 yen, not far from a 15-year low of 81.37 struck on Monday. Most market players expect pressure to remain on the dollar/yen pair, with a test of 80 yen and the record trough of 79.75 yen still in sight.

Analysts said the risk of another round of intervention to weaken the yen seemed to have increased after Japan weathered the flurry of weekend G7 and IMF meetings with hardly any criticism of its recent yen sales.

Falling stock prices also helped boost risk aversion and weighed on yen crosses. The euro fell 0.4 percent to 113.45 yen and the Australian dollar was down 0.2 percent at 80.57 yen .

(Additional reporting by Nick Olivari; Editing by Dan Grebler)