Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
Global Forex Markets Brace for Fed Decision as Yen Extends Weakness 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
The US dollar hovered near a three-week high against major currencies on Tuesday as markets awaited key inflation data that could influence Federal Reserve policy. Support for the greenback came from rising Treasury yields and speculation over Fed Chair Jerome Powell’s future, following renewed criticism from President Donald Trump.
The dollar index stood at 98.104, just below Monday’s peak of 98.136, its strongest since June 25. It traded at 147.75 yen, near its recent high of 147.78. The euro remained steady at $1.1662 after slipping to a low of $1.1650.
Markets are focused on upcoming US inflation figures, with headline inflation expected to rise to 2.7% year-on-year from 2.4%, and core inflation to 3.0% from 2.8%, according to a Reuters poll. Fed Chair Powell previously suggested summer inflation may increase due to tariffs, reinforcing expectations that rate cuts may be delayed until later this year.
However, should inflation remain flat or weaken, calls for monetary easing could grow. Trump on Monday intensified his attacks on Powell, suggesting rates should be slashed to 1% or below from the current 4.25%–4.50%. Futures markets are pricing in 50 basis points in cuts by year-end, with the first move likely in September.
Bitcoin hit a new all-time high of $123,153.22 on Monday and was trading at $120,067, amid optimism over favorable crypto legislation this week.
Meanwhile, the Australian dollar dipped to $0.6542 as investors awaited China’s Q2 GDP report. Analysts expect growth to slow to 5.1% from 5.4% amid trade pressures and a weakening property market. Disappointing data could weigh further on the Aussie, given China’s role as Australia’s top trading partner.
