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Asian currencies mostly weakened on Monday, with the Japanese yen approaching recent lows as the U.S. dollar stayed near a two-month high. Elevated oil prices stemming from the U.S.-Iran standoff and expectations for further Federal Reserve tightening supported the greenback.
The U.S. dollar index gained about 0.2% to 101.12, putting it on course for a roughly 1.7% September increase, its strongest monthly performance since June. USD/JPY climbed 0.3% to around 157.78.
Brent crude rose more than 1% to above $106 per barrel after U.S. President Donald Trump rejected an agreement intended to resolve the Iran conflict and reopen the Strait of Hormuz. Continued uncertainty over energy supplies has increased concerns that higher fuel costs could keep global inflation elevated.
The dollar has also benefited from resilient U.S. economic data and elevated longer-term Treasury yields. Markets are pricing roughly a 65% probability of another Federal Reserve rate hike at the end of October. The Fed raised its benchmark rate to 3.75%-4.00% in September.
Investors are now awaiting the August PCE inflation report on September 30 and September nonfarm payrolls on October 2 for further clues about the Fed's policy outlook.
The yen weakened despite Friday's call between Japanese Finance Minister Satsuki Katayama and U.S. Treasury Secretary Scott Bessent, during which officials reiterated concerns about yen undervaluation. The currency remains under pressure even after the Bank of Japan's September rate increase.
The Australian dollar held near $0.70 ahead of Tuesday's Reserve Bank of Australia decision. Markets expect a 25-basis-point increase to 4.60%, which would bring the cash rate to its highest level in nearly 15 years.
Elsewhere, the Chinese yuan weakened, with USD/CNH near 6.72 and USD/CNY around 6.71. Other Asian currencies also declined, with the South Korean won, Indian rupee, Indonesian rupiah, Malaysian ringgit, Thai baht and Singapore dollar losing ground against the U.S. currency.
