Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
China’s ‘Lipstick King’ Says AI Won’t Replace Livestream Hosts 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
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Most Asian currencies edged higher on Thursday after the U.S. Federal Reserve’s September meeting minutes reinforced expectations of interest rate cuts later this year. Meanwhile, the Japanese yen hovered near an eight-month low as investors scaled back expectations for further tightening by the Bank of Japan (BOJ).
The U.S. Dollar Index slipped 0.2% in Asian trading hours, halting a three-day winning streak. Dollar Index Futures also dipped 0.2% as of 04:19 GMT, reflecting subdued sentiment ahead of fresh economic data.
The Fed minutes revealed that a “substantial majority” of policymakers still see room for lowering borrowing costs in 2025. However, some officials warned against cutting rates too quickly amid persistent inflation concerns. Others cited weakening growth and labor market conditions as reasons for cautious easing to avoid a deeper slowdown.
Investor sentiment remained mixed, as the ongoing partial U.S. government shutdown delayed crucial reports on September jobs and inflation, leaving the Fed without key indicators before its next meeting. The uncertainty kept currency markets subdued, with regional pairs posting modest moves.
The South Korean won strengthened slightly, with the USD/KRW pair down 0.2%, while the Singapore dollar also edged higher, as USD/SGD slipped 0.1%. The offshore Chinese yuan (USD/CNH) rose 0.3%, and the onshore yuan (USD/CNY) held steady. The Indian rupee (USD/INR) remained near record lows, while the Australian dollar (AUD/USD) advanced 0.3%.
The Japanese yen (USD/JPY) traded at 152.5 on Thursday after touching 152.99 in the previous session—its weakest since mid-February. Sanae Takaichi’s win in Japan’s Liberal Democratic Party leadership race boosted expectations of fiscal stimulus, reducing pressure on the BOJ to tighten policy further. Analysts at MUFG noted that expectations for slower BOJ rate hikes continue to weigh on the yen and other regional currencies.
