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UK House Prices Fall for First Time Since 2023 
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UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
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China Inflation Accelerates in August as CPI, PPI Rise 
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Asian currencies declined on Tuesday, while the U.S. dollar edged higher after President Donald Trump imposed tariffs on metal imports, fueling concerns over a potential trade war.
Trade-sensitive currencies, including the South Korean won, Australian dollar, and Singapore dollar, were among the biggest losers. The Japanese yen saw some safe-haven demand, limiting its losses, while the Chinese yuan remained stable.
The dollar index rose 0.1%, extending gains from the previous session. Trump signed executive orders imposing 25% tariffs on steel and aluminum imports, with potential for additional tariffs. Traders speculated that these measures could drive inflation, influencing future interest rate decisions.
The USDKRW and USDSGD pairs increased by 0.2% and 0.1%, respectively, while the AUDUSD fell 0.2%, despite positive consumer sentiment data in Australia. The yen held near a two-month low as bets on Bank of Japan rate hikes increased. The Chinese yuan remained steady, backed by Beijing’s intervention following recent U.S. tariffs.
India’s rupee stabilized after nearing record lows, supported by the Reserve Bank of India. However, concerns grew after Trump’s top economic adviser, Kevin Hassett, criticized India’s high import tariffs. Reports suggested Prime Minister Narendra Modi is preparing tariff cuts on key sectors, including electronics and medical equipment, ahead of discussions with Trump.
Market participants now await key U.S. inflation data, expected to influence the Federal Reserve’s rate outlook. Asian currencies remain under pressure amid growing trade tensions and shifting monetary policies.
