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Asian currencies weakened on Monday as the U.S. dollar strengthened, while the euro sank to a 17-month low amid mounting concerns over France’s fiscal position and turmoil in European bond markets.
Trading volumes were subdued, with financial markets in China and South Korea closed for holidays. The U.S. dollar index climbed about 0.5% to 102.48, benefiting heavily from weakness in the euro despite softer U.S. labor data reducing expectations for an October Federal Reserve rate hike.
EUR/USD dropped 0.7% to around $1.117 after touching $1.116, its lowest since May 2025. The euro has declined for four consecutive weeks as investors grow increasingly concerned about France’s debt burden and political uncertainty ahead of next year’s election. A sharp selloff in French government bonds has also fueled fears of wider contagion across European markets.
GBP/USD fell 0.3% to $1.320, while USD/JPY advanced 0.2% to 158.10. The yen remains under pressure from the wide U.S.-Japan interest-rate gap and lingering concerns about potential intervention by Japanese authorities.
The dollar’s gains came even as expectations for near-term U.S. monetary tightening faded. Markets now see a 78% probability that the Fed will keep interest rates unchanged in October, compared with 36% a week earlier, after September employment growth came in weaker than expected.
However, investors still anticipate another Fed rate increase in December and two additional hikes during the first half of 2027, providing longer-term support for the dollar. The U.S. 10-year Treasury yield remained elevated near 5.26% after briefly reaching a 24-year high last week.
Elsewhere, AUD/USD declined 0.3% to $0.694 and NZD/USD lost 0.4% to $0.559. USD/IDR gained 0.6% to 17,927.3, USD/MYR rose 0.2% to 4.088, USD/SGD climbed 0.3% to 1.282 and USD/THB advanced 0.5% to 33.686.
Offshore trading continued despite regional holidays, with USD/KRW rising 0.4% to 1,347.35, while the Chinese yuan was broadly unchanged.
