Dollar mixed in Asia

SINGAPORE: The dollar was mixed in quiet Asian trade Tuesday as traders await the outcome of a US Federal Reserve policy meeting later in the week.

The US dollar bought 102.50 yen in Singapore mid-morning trade, against 102.45 yen in late New York trade Monday, while the euro fetched $1.3861 from $1.3851.Japanese financial markets were closed for a public holiday.

Investors are forecasting the US central bank to cut another $10 billion from its monthly bond purchases, keeping in line with its objective of winding down the stimulus by the end of this year. "We expect no significant policy changes at this week´s meeting except perhaps some fine-tuning of the Fed´s qualitative forward guidance language," French bank Credit Agricole said in a note.

Singapore´s United Overseas Bank (UOB) said traders were exercising caution "ahead of the US Fed meeting and US non-farm payroll data, as well as a holiday shortened trading week".

US non-farm payroll data for April will be released Friday, and will be pored over for clues about how well the strength of the world´s number one economy. UOB said investors were also monitoring the situation in Ukraine, where Russia and US-led Western powers are locked in a battle for influence.

Russia has assured the US that it will not invade the former Soviet state, the Pentagon said Monday. The US and the European Union on Monday imposed a fresh round of sanctions on seven officials and 17 Kremlin-linked firms that are meant to punish President Vladimir Putin´s stance on Ukraine.

The West and Russia have traded barbs in recent weeks over the crisis in Ukraine, with the Kremlin accused of fomenting unrest as part of a bid to take over more regions, like it did with Crimea last month.