Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
China Agrees to Buy 20 Million Tons of U.S. Coal 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
China Consumer Stocks Near Decade Lows as AI Shares Surge 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Fed Unveils Stablecoin Rules Under GENIUS Act 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Trump, Xi Focus on Trade and AI at White House Summit 
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Dollar Maintains Weekly Gains
Asian currencies weakened on Friday, weighed down by a stronger U.S. dollar. The dollar's rise is driven by expectations of slower interest rate cuts from the Federal Reserve, setting the stage for a fourth consecutive week of gains.
Japanese Yen Steadies Amid Election and Intervention Concerns
The Japanese yen hovered near a three-month low at ¥152 against the dollar. Traders remain cautious ahead of Japan's general election this weekend. Polls suggest the ruling Liberal Democratic Party may struggle to secure a majority, which could limit Prime Minister Shigeru Ishiba's ability to enact further economic reforms.
Japan’s government has also issued warnings about possible currency intervention due to the yen’s recent weakness, which has contributed to market volatility.
Dollar's Strength Pressures Asian Currencies
The dollar index remained strong, gaining about 0.6% this week. In addition to Federal Reserve policy, the dollar is supported by speculation that Donald Trump may win the 2024 U.S. presidential election, which could lead to inflationary policies and higher long-term interest rates.
This scenario has weighed on most Asian currencies, with the Chinese yuan rising by 0.1% and the South Korean won surging by 0.7%. The Australian dollar fell by 0.3%, while the Indian rupee remained near record lows.
