Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
South Korea GDP Surges on Chip and AI Boom 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Gold Prices Rise as Yen Rally Weakens Dollar 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
UK House Prices Fall for First Time Since 2023 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
China to Inject $45 Billion Into State Financial Institutions 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
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Asian currencies and the U.S. dollar weakened on Monday as markets awaited clarity on shifting U.S. trade policies under President Donald Trump. Investor sentiment remained cautious after Trump announced plans to send tariff letters to several countries at 12:00 p.m. ET on Monday, adding that BRICS-aligned nations would face an additional 10% tariff due to what he called anti-American actions.
The U.S. Dollar Index slipped 0.2% during Asian trading hours, while futures edged 0.1% lower. The uncertainty around the exact nature and timeline of the tariffs, expected to take effect on August 1, kept market participants on edge. Trump previously introduced a 10% base tariff in April, with potential increases up to 70%.
In currency markets, the South Korean won (USD/KRW) rose 0.4%, the Thai baht (USD/THB) jumped 0.7%, and the Malaysian ringgit (USD/MYR) gained 0.5%. Both the onshore Chinese yuan (USD/CNY) and offshore yuan (USD/CNH) moved up 0.1% and 0.2%, respectively. The Japanese yen (USD/JPY), Singapore dollar (USD/SGD), and Indian rupee (USD/INR) all edged 0.1% higher against the U.S. dollar.
Meanwhile, the Australian dollar (AUD/USD) dropped 0.5%, its third consecutive decline, amid rising expectations of a rate cut by the Reserve Bank of Australia (RBA) on Tuesday. Analysts anticipate a 25-basis-point reduction, marking the RBA's third cut this year as inflation slows and global economic uncertainty persists. ING analysts noted that while a dovish RBA may weigh on AUD cross-pairs, the AUD/USD pair remains primarily influenced by U.S. trade developments.
Investors are now closely watching the upcoming central bank moves and further trade policy updates for market direction.
