Dollar steady amid Asian currency swings
Asian currencies experienced volatile trading as investors awaited upcoming U.S. employment data, amid a backdrop of geopolitical uncertainty, which heightened the appeal of the dollar as a safe haven. The dollar index rose by 0.1%, reaching 99.97 points after recovering from its seven-month lows. Meanwhile, the Japanese yen remained steady at 158.4 against the dollar, following a 0.4% increase that was partly driven by joint intervention from Japan and the United States to support the currency. Additionally, rising U.S. yields and geopolitical ambiguity, particularly concerning Iran, bolstered the dollar's strength, amid expectations of inflationary risks amid ongoing increases in oil prices. China’s trade report showed exports outperforming expectations, while the yuan remained stable. The Korean won and Singapore dollar experienced slight declines, whereas the Indian rupee appreciated.
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