Dollar moves in tight range in Asia

The dollar moved in a tight range in Asia on Thursday after the US Federal Reserve said it would make another cut to its stimulus as the economy picks up, but first-quarter GDP figures disappointed. In midday Tokyo trading, the greenback fetched 102.24 yen from 102.23 yen in New York on Wednesday. The euro rose slightly to $ 1.3869 and 141.82 yen, up from $ 1.3866 and 141.75 yen in US trade. The Fed, concluding a two-day policy meeting, said economic activity ‘has picked up recently after having slowed sharply during the winter in part because of adverse weather conditions’. The yen was under pressure after the Bank of Japan left its monetary policy unchanged but lowered the country's growth projections, fuelling speculation it will expand its massive stimulus drive, which tends to weigh on the currency. The BoJ’s chief Haruhiko Kuroda repeated a view that he would ‘not hesitate’ to unleash further measures as the bank chases an inflation target seen as key to reversing years of falling prices and lacklustre growth. ‘It is most likely in the monetary policy meeting on 12-13 June that the BoJ will ease further by enhancing the asset purchase programme,’ Credit Agricole said, according to AFP.