South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
The U.S. dollar weakened on Wednesday as soft economic data reinforced expectations that the Federal Reserve will cut interest rates in December. Investors are increasingly betting that the likely next Fed chair could guide monetary policy in a more dovish direction, adding further pressure on the greenback.
The New Zealand dollar strengthened after the Reserve Bank of New Zealand cut rates as anticipated but struck a more hawkish tone on the future path of monetary policy. The kiwi climbed 0.75% to $0.5663, while the Australian dollar edged 0.14% higher to $0.6478 after local inflation data exceeded forecasts.
Recent U.S. figures showed retail sales rising less than expected in September, while producer prices matched market estimates. Consumer confidence also declined in November as households grew more anxious about employment prospects and personal finances. These indicators fueled market expectations of a near-term Fed rate cut, with traders now pricing in an 84% chance of a 25-basis-point reduction, according to the CME FedWatch tool.
The euro advanced toward $1.16, supported partly by signs of progress in a peace framework between Russia and Ukraine. Sterling held steady at $1.3166 as markets awaited a major U.K. budget statement expected to include significant tax increases. Demand for options hedging against pound volatility surged ahead of the announcement.
The dollar index slipped to 99.82, extending its decline from the previous session. Additional downward pressure came from reports that White House economic adviser Kevin Hassett has become the leading contender to replace Fed Chair Jerome Powell. Hassett has previously aligned with President Trump’s push for lower interest rates, reinforcing expectations of a more accommodative Fed leadership.
The weaker dollar offered modest relief to the Japanese yen, which traded at 156.24 per dollar, though still near its recent lows. With U.S. markets quieter ahead of the Thanksgiving holiday, traders warned that Japan could take advantage of thinner liquidity to intervene and support the yen.
