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Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
US Stock Futures Fall as Netflix Outlook, Chip Selloff and Iran Tensions Weigh on Markets 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
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ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
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.
