Overview
- Reuters reports the dollar index near 98.24 after a 9.4% slide in 2025, with the yen hovering close to intervention-sensitive levels in thin Asia trade as Japan and China remain shut.
- Spot gold rose roughly 0.7%–0.9% near $4,352 and silver gained about 1.7%–2% around $72.6, extending last year’s outsized advances.
- Equities opened cautiously positive in the region, with MSCI Asia Pacific up around 0.5%–0.7%, Hong Kong’s Hang Seng up about 1%–2% and U.S. equity futures higher, led by technology shares.
- Market pricing shows only about a 15%–16% chance of a 25 bps Fed cut in late January, after FOMC minutes were read neutral-to-slightly hawkish and recent U.S. data offered episodic dollar support.
- Focus remains on President Trump’s choice to replace Jerome Powell as Fed chair, with concerns about central bank independence cited as a factor pressuring the greenback.