Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market 
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Australian Household Spending Dips in December as RBA Tightens Policy 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
Asian currencies moved in narrow ranges on Wednesday, with the Japanese yen regaining some ground after sharp losses triggered by the election of fiscal dove Sanae Takaichi as Japan’s first female prime minister. The dollar, meanwhile, remained firm in Asian trading, supported by a retreat in gold prices after bullion fell from record highs.
The USD/JPY slipped 0.1% after surging 0.8% on Tuesday following Takaichi’s confirmation. Markets view Takaichi as a pro-stimulus leader likely to expand government spending and oppose further rate hikes by the Bank of Japan (BOJ). Her rise to leadership had fueled yen weakness throughout September amid expectations of looser fiscal policy.
Japan’s September trade data showed an unexpected deficit as exports underperformed and imports surged. Traders are now focusing on Japan’s consumer price index (CPI) for September, due Friday, which could guide the BOJ’s upcoming policy decision next week.
The U.S. dollar index eased 0.1% but held near overnight highs. The greenback gained as investors shifted out of gold, which plunged after a historic rally. However, dollar gains were capped by lingering uncertainty over the U.S. economy, as the government shutdown stretched into its third week. Markets await Friday’s U.S. CPI data, the first major release since early October.
Elsewhere in Asia, most currencies saw muted moves. The Chinese yuan (USD/CNY) traded flat as investors monitored ongoing trade discussions with the U.S. The South Korean won (USD/KRW) slipped 0.1% ahead of the Bank of Korea’s policy meeting on Thursday, where rates are expected to remain unchanged. The Australian dollar (AUD/USD) rose slightly, the Singapore dollar (USD/SGD) dipped 0.1%, and the Taiwan dollar (USD/TWD) edged up 0.1%.
