The dollar dropped against most of its major peers as potential US involvement in foreign-exchange intervention in Japan hurt sentiment toward the world’s reserve currency. Gold rose above $5,000 for the first time on haven demand and US stock futures fell. The Bloomberg Dollar Spot Index slid to the lowest level since September after a rate check Friday by the Federal Reserve Bank of New York spurred speculation the US may assist Japan in efforts to weaken the greenback versus the yen. The Japanese currency surged as much as 1.2% versus the dollar.
Asian currencies benefited from the weak dollar with the Malaysian ringgit rising to the strongest level since 2018, and the South Korean won climbing to its highest level in about three weeks. Singapore’s currency advanced to its strongest level since 2014. The volatility in foreign-exchange markets comes as Japan’s top currency chief Atsushi Mimura said authorities in Tokyo will respond in close coordination with their counterparts in Washington. Earlier, Japan’s Prime Minister Sanae Takaichi warned markets that the government is ready to take action. Traders interpreted the New York Fed’s actions as an indication the central bank was preparing to assist Japanese officials in intervening directly in the currency market to prop up the yen. The dollar fell the most since May last week amid unpredictable US policymaking, tariff tensions between the US and Europe, and attacks on the Federal Reserve’s independence. Over the weekend, concerns also rose about another US government shutdown, while President Donald Trump threatened 100% tariffs on imports from Canada. Attention is turning to the dollar and Japan once again after a surge in the Asian country’s bond yields last week unsettled global fixed-income markets. The coming days are pivotal for investors as the Fed prepares to deliver its policy decision and megacaps including Microsoft Corp. and Tesla Inc. report earnings. For many dollar watchers, signs of US support to boost the yen reopen the debate about potential coordinated foreign-exchange intervention to guide the greenback lower against the currencies of its key trading partners. The thinking goes that such a pact would help American exporters compete with rivals such as China and Japan. Over the weekend, concerns about another US government shutdown increased as Senate Democratic leader Chuck Schumer vowed to block a massive spending package unless Republicans strip funding for the Department of Homeland Security. That raised the risk of a partial US government shutdown. Traders are also paying attention to geopolitical tensions after Trump dispatched naval assets to the Middle East, prompting fresh speculation that he’ll follow through on threats to attack Iran’s senior leadership amid a violent crackdown on nationwide protests. Brent crude edged higher, building on gains from Friday, to trade above $66 a barrel. The main event this week will be the outcome of the Fed’s Jan. 27-28 policy meeting. The central bank is widely expected to keep rates unchanged even as Trump calls for lower borrowing costs. Bond investors will also turn their focus to leadership change at the central bank after Trump said last week he will soon reveal a successor to Chair Jerome Powell. Meanwhile, gold advanced beyond $5,000 an ounce for the first time, extending a breakneck rally fueled by Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies. Silver jumped more than 6% to a record high, having crossed $100 an ounce in the previous session in a rally supported by strong demand from retail buyers from Shanghai to Istanbul.
Nikkei -1.81% Hang Seng -0.05% CSI +0.42% Shanghai +0.14% Shenzen -0.76%
Eur$ 1.1865 CNH 6.9511 CNY 6.9557 JPY 153.94 GBP 1.3667 CHF 0.7769 RUB 75.7769 TRY 43.3923 WTI$ 61.19 +0.18% Gold 5,05 +1.60% BTC 87,636+1.35% ETH 2,863 +1.71%
S&P -0.17% Nasdaq -0.26% EuroStoxx +0.02% FTSE +0.03% Dax -0.04% SMI - 0.05%
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