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Asian currencies traded mixed on Thursday as the U.S. dollar hovered near a two-month high, supported by stronger U.S. economic data, renewed inflation concerns and growing expectations for another Federal Reserve rate hike.
The U.S. dollar index stood near 101.09 after reaching 101.2 earlier. The Japanese yen remained close to a three-week low, although USD/JPY slipped 0.2% to around 157.94 as Japanese markets reopened following a holiday.
Dollar strength accelerated after better-than-expected U.S. manufacturing data fueled inflation concerns. Weak demand at a $70 billion five-year Treasury auction added pressure to bonds, pushing the five-year Treasury yield above 5% for the first time since 2007.
Fed Governor Michael Barr said resilient economic conditions and rising inflation risks could warrant additional rate increases. Markets now price nearly a 70% probability of an October Fed hike, compared with roughly 50% a week earlier.
Higher oil prices are also adding to inflation worries. Brent crude settled near $103 per barrel after climbing almost 4% Wednesday amid tensions involving Iran and uncertainty over energy supplies and the Strait of Hormuz.
In Japan, the 10-year government bond yield climbed to about 3.06%, its highest in three decades. However, the yen remained weak as investors questioned whether the Bank of Japan’s latest rate increase signaled sufficiently aggressive tightening. Japan’s flash manufacturing PMI also eased to 54.1 in September from 54.9 in August.
Elsewhere in Asia, USD/KRW rose 0.5% to 1,372.1, although South Korean markets were closed for Chuseok. USD/IDR climbed 0.6% to 17,903.5 after Bank Indonesia kept rates unchanged at 5.75%.
The Indian rupee strengthened slightly, with USD/INR down 0.02% to 95.915, while the Chinese yuan weakened modestly. USD/CNH rose 0.1% to 6.72 and USD/CNY gained 0.1% to 6.71.
Investors are now watching upcoming talks between U.S. President Donald Trump and Chinese President Xi Jinping, with trade, artificial intelligence, rare-earth exports, aircraft purchases and agricultural goods expected to remain key issues.
