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Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
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Australia’s Labour Market Weakens as November Employment Drops Sharply 
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Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Global Forex Markets Brace for Fed Decision as Yen Extends Weakness 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
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Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Asian currencies rallied on Monday, led by the Japanese yen and Australian dollar, after the U.S. dollar tumbled to a three-year low. The drop followed President Donald Trump’s proposed overhaul of the Federal Reserve, sparking investor uncertainty.
The U.S. Dollar Index plunged 1.2% to 98.18 in Asian trading, its weakest level since March 2022. The decline was driven by comments from White House economic advisor Kevin Hassett, who confirmed that Trump is reviewing whether he can dismiss Fed Chair Jerome Powell. The potential threat to Fed independence rattled markets, especially after Powell recently signaled no near-term rate cuts due to inflation concerns and new U.S. tariffs.
The Japanese yen strengthened significantly, with USD/JPY down 1.1%, bolstered by data showing Japan’s core inflation accelerated in March. The AUD/USD pair also surged 0.8%, supported by broader dollar weakness. Other regional currencies posted gains: the Singapore dollar’s USD/SGD fell 0.5%, the South Korean won’s USD/KRW dropped 0.4%, and the Thai baht’s USD/THB slid 0.7%. The Malaysian ringgit’s USD/MYR dipped 0.8%, while India’s USD/INR declined 0.5%.
The Chinese yuan edged higher, with the onshore USD/CNY down 0.2% and the offshore USD/CNH falling 0.3%. The yuan’s move came after the People’s Bank of China left its loan prime rate unchanged, holding the one-year LPR at 3.1% and the five-year at 3.6%. The decision signals China’s focus on fiscal tools over monetary easing amid rising U.S. trade tensions.
The widespread currency gains underscore growing volatility in global forex markets, driven by U.S. political uncertainty and shifting central bank policies.
