The US dollar weakened slightly against major peers as traders awaited a speech from Federal Reserve Chair Jerome Powell, while the yen pulled away from a nine-month low and China's yuan briefly rose following attempts to bolster the currency.
The US dollar remains strong against major peers and the yen, as Treasury yields rise amid expectations of high US interest rates for a longer period, while China's central bank sets a stronger-than-expected daily midpoint for the yuan to counter mounting pressure on the currency.
Asian currencies slightly rose as U.S. yields increased, prompting Thailand's and China's central banks to stabilize their currencies, while the Philippines' central bank stated it may intervene to support its currency; additionally, traders are anticipating the U.S. Federal Reserve's symposium in Jackson Hole, Wyoming.
The depreciating exchange rate of the Pakistani rupee against the US dollar is leading to a potential economic disaster, with increased inflation, higher prices for petroleum and fuel, and a rise in poverty and unemployment.
The Pakistani rupee weakened further against the US dollar in the interbank market due to higher demand and uncertainty, while the open market remained stable; however, insiders noted that currency dealers were selling the dollar at higher rates in the open market.
The Pakistani rupee has fallen below 300 to a US dollar due to factors such as the rise of the dollar, uncertainty surrounding general elections, and a political/judicial/constitutional crisis, resulting in eroded business confidence, increased inflation, and reduced industrial output.
The Indian rupee weakened against the U.S. dollar due to demand from state-run banks and the potential impact of U.S. GDP data.
The US dollar weakened against major counterparts due to disappointing economic data, leading to a rally in gold prices and a less dovish Federal Reserve outlook, while the Australian and New Zealand Dollars performed well due to gains in Wall Street; crude oil prices also rallied despite deteriorating economic conditions in China.
Asia stocks fall as weak economic data in China and Europe raise concerns over global growth, while the dollar strengthens as investors assess the outlook for U.S. interest rates.
Asian markets are weighed down by concerns over high U.S. bond yields, a strong dollar, China's economic struggles, and rising oil prices.
Asian currencies, including the Japanese yen and the Singapore dollar, are trading against the US dollar with varied movements, while the year-to-date percentage changes for the currencies show fluctuations.
The value of the U.S. dollar has been strengthening against the Euro and the British Pound due to the continuing strength of the U.S. economy and the weakness of the European economies.
Asian currencies saw mixed movements against the US dollar, with the Japanese yen and Singapore dollar strengthening, while the Taiwanese dollar and Indonesian rupiah weakened.
The Indian Rupee is weakening against the US dollar, causing concern for Indian authorities who fear that it could impact the country's import and export sectors, with suspicions that India may be taking measures to limit the dollar's growth; similarly, other BRICS member countries like China and Japan are also trying to curb the US dollar's growth.
The US dollar remains stable in Asian trades as the yen and sterling experience slight fluctuations due to upcoming central bank meetings, including the Bank of Japan's policy meeting, the US Federal Reserve's hawkish pause, and the Bank of England's possible interest rate increase.
The Thai baht is expected to weaken further due to increased volatility in global money and capital markets after the US Federal Reserve's hawkish comments regarding its benchmark interest rate.
The Japanese yen remains weak against the U.S. dollar due to high U.S. Treasury yields and anticipation of the Bank of Japan maintaining its current monetary policies, while the dollar is boosted by the prospect of higher U.S. interest rates.
Most Asian currencies were mixed on Monday, with the Indian rupee leading losses, following hawkish comments from the U.S. Federal Reserve, while the Philippine peso and South Korean won strengthened.
Asian currencies against the dollar remained relatively stable, with minimal changes observed in the latest rates, according to data compiled by Reuters.
The Asian trading session saw the Chinese GDP grow by 4.9% in Q3, beating expectations, leading to gains for the AUD/USD and NZD/USD pairs; meanwhile, the US Dollar weakened against major currencies, especially the Australian Dollar.
The Japanese Yen is struggling against the US Dollar as the Bank of Japan considers changes to its yield curve control program, while Treasury yields remain strong and a clean break above 150 for USD/JPY could lead to volatility.
The US dollar weakened against a basket of currencies as Treasury yields fell, while attention turned to upcoming US economic data ahead of the Federal Reserve's monetary policy meeting.
The Asian financial markets are experiencing turmoil as the region's currencies decline and foreign capital outflows increase due to the divergence in global monetary policies and the rise in US Treasury bond yields, although Asian economies are in a stronger position now than they were a decade ago.
