Precise Investors Editorial Team
Most currencies were little changed after losses in the previous session
Asian currencies traded in a narrow range on Friday amid uncertainty surrounding a potential Iran peace agreement.
Most currencies were little changed after losses in the previous session.
The yen’s USD/JPY pair traded flat at 158.4 after gaining 0.4% in the previous session.
The yen had rebounded to almost 155 per dollar after last week’s intervention, having plunged to an almost 40-year low near 164 per dollar in late July.
The yuan’s onshore USD/CNY and offshore USD/CNH pairs traded largely flat.
China reported a larger-than-expected trade surplus in July as export growth exceeded forecasts on resilient overseas demand. Exports rose 24% year-on-year despite moderating from June, while imports increased 28%, pointing to steady domestic demand.
The won’s USD/KRW pair edged down 0.2%, while the Singapore dollar’s USD/SGD ticked 0.1% lower.
The Indian rupee’s USD/INR pair gained 0.2%, while the Australian dollar’s AUD/USD traded flat.
Elsewhere, the U.S. dollar was supported by rising U.S. Treasury yields and lingering geopolitical uncertainty over negotiations involving Iran and shipping through the Strait of Hormuz.
The U.S. Dollar Index gained 0.1% to 99.97 as of 03:31 GMT, after rising 0.3% in the previous session — rebounding from seven-month lows.
Oil prices extended sharp gains in Asian trading on Friday, reviving inflation worries.
Investors were also cautious ahead of the July U.S. nonfarm payrolls report, which is expected to offer latest clues on the central bank’s policy path.
Recent U.S. economic data have painted a mixed picture, making Friday’s employment report a key event for determining whether policymakers retain a hawkish bias or shift toward a more cautious stance in coming months.
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