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US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
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Asian currencies saw modest gains on Monday as the US dollar retreated ahead of key trade talks between the U.S. and China in London. The US Dollar Index dipped 0.2% during Asian trading hours, reversing some of Friday’s gains driven by strong U.S. jobs data. However, US Dollar Index Futures remained 0.2% higher, reflecting investor caution.
The anticipated meeting between U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer, and China’s Vice Premier He Lifeng aims to build on last month’s tentative Geneva truce. Talks are expected to address tariff rollbacks, tech export restrictions, and trade rule frameworks, raising hopes for easing global trade tensions.
Despite cautious optimism, regional markets remained restrained ahead of the U.S. CPI inflation report later this week, a key factor in shaping future Federal Reserve policy.
Among major currencies, the Singapore dollar slipped 0.2% against the USD, while the Indian rupee and South Korean won also weakened 0.2%. The Australian dollar gained 0.3% against the greenback. The Japanese yen strengthened, with the USD/JPY pair falling 0.3% after data showed Japan’s Q1 economic contraction was less severe than first reported.
China’s yuan traded flat, with both onshore (USD/CNY) and offshore (USD/CNH) pairs remaining steady. Soft Chinese inflation data and underwhelming export figures weighed on sentiment. The CPI declined for a fourth straight month in May, while producer prices saw their sharpest drop in nearly two years. Although exports missed forecasts, a steeper drop in imports pushed China’s trade surplus above expectations.
Overall, Asian forex markets remain on alert, balancing hopes for trade de-escalation with broader macroeconomic pressures and upcoming U.S. data releases.
