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China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Fitch Eyes Japan Budget for Fiscal Discipline 
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Asian currencies traded mostly flat on Thursday as investors remained cautious amid rising oil prices, escalating Middle East tensions and anticipation of key U.S. inflation data. The Japanese yen stayed near recent highs while the U.S. dollar stabilized.
USD/JPY traded around 153.47 after the yen strengthened to 152.89 on Tuesday, its strongest level since February. The U.S. dollar index edged lower to 98.76 as markets awaited August producer price data on Thursday and consumer inflation figures on Friday.
Brent crude remained above $100 a barrel after briefly climbing to $101.94 as the U.S.-Iran conflict intensified. Concerns about disruptions to Middle East energy supplies have fueled inflation fears and pushed global bond yields higher.
The U.S. 10-year Treasury yield hovered near 4.85%, its highest since late 2023. Investors were disappointed after the Treasury announced plans to purchase up to $6 billion of longer-dated debt, less than some market participants had anticipated. Interest-rate swaps now indicate roughly a 62% probability that the Federal Reserve will raise rates by 25 basis points at its September 15-16 meeting.
Meanwhile, the yen’s recent rally paused after strong gains earlier in the week. Expectations remain high that the Bank of Japan will deliver a 25-basis-point rate increase on September 18. Prospects for tighter BOJ monetary policy, Japanese capital repatriation and the unwinding of carry trades have supported the currency, while intervention risks remain in focus following Japan’s record currency support last month.
China’s yuan was broadly unchanged, with both USD/CNY and USD/CNH holding near recent levels. The offshore yuan remained close to a nearly four-year high after Chinese consumer and producer inflation accelerated in August.
The Indian rupee remained under pressure as expensive oil threatened the country’s import costs, with USD/INR near 95.16. Elsewhere, USD/KRW slipped to around 1,339.35, while USD/SGD edged higher to 1.26. The Australian dollar traded near $0.72, while the New Zealand dollar hovered around $0.58.
