Dollar under pressure in Asia after Fed meeting

TOKYO: The dollar was under pressure in Asian trade Thursday after the US Federal Reserve opted to keep its easy-money policies in place on the back of lacklustre economic data.

After wrapping up a policy meeting Wednesday, the US central bank said it would keep its $85 billion a month bond-buying programme in place, and left open the door to more purchases if the world's biggest economy slowed under Washington's severe budget cuts.

The Fed policy, known as quantitative easing, is aimed at keeping downward pressure on longer-term interest rates, supporting mortgage and credit markets. Central bank easing tends to put pressure on a national currency.

The dollar slipped to 97.26 yen in afternoon Tokyo trade Thursday from 97.40 yen in New York Wednesday afternoon.

The greenback's rise stalled last week just short of the 100-yen mark which it last hit four years ago, as manufacturing and jobs data painted a worrying picture of the US economy.

Traders are also concerned by official figures showing that eurozone unemployment hit a fresh record of 12.1 percent in March, while ratings agency Moody's downgraded Slovenia by two notches to junk status -- with a negative outlook -- warning it might need a bailout.

The euro also eased in Asia on Thursday to 128.07 yen from 128.37 yen and to $1.3167 from $1.3180 ahead of a policy meeting of the European Central Bank (ECB).