Currencies

Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran’s nuclear facilities.The dollar strengthened as traders assessed the weekend’s events, with Iran threatening US bases in the Middle East as fears grow of an escalating conflict in the volatile region.Iran is the world’s ninth-biggest oil-producing country, with output of about 3.3 million barrels per day.It exports just under half of that amount and keeps the rest for domestic consumption.If Tehran decides to retaliate, observers say one of...

KUALA LUMPUR, June 23 — The ringgit opened higher against the US dollar and a basket of major currencies on Monday despite a strong US Dollar Index (DXY) as ongoing geopolitical tensions, with the United States’ (US) involvement in the Israel-Iran conflict, in focus, said an analyst.At 8 am, the local note rose to 4.2420/2655 against the greenback from Friday’s close of 4.2505/2565.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there are fears of a wider conflagration in the region as the US announced “successful” airstrikes...

SINGAPORE – Some of emerging Asia’s biggest central banks look to be dialing back their interventions in the currency market.The central banks of India and Malaysia have reduced the size of some derivatives positions they use to weaken their currencies. Taiwan has allowed its currency to surge against the US dollar in recent weeks and dropped hints it would be comfortable with more if the moves were “orderly.” South Korea’s giant national pension fund has ended its five-month support of the won.A major reason for these moves is a simple...

Asia-Pacific markets declined in early trade on Monday (Jun 23) morning, as oil prices surged and the greenback reacted, after the US launched strikes against three nuclear facilities in Iran over the weekend.Singapore shares opened Monday lower, with the Straits Times Index (STI) down 0.9 per cent or 35.64 points at 3,847.79 as at 9.01 am. Across the broader market, losers outnumbered gainers 96 to 25 after around 80 million securities worth S$140.2 million changed hands. Thai Beverage was the most actively traded counter by volume. It was down 2.3 per...

The US dollar strengthened in early trading as investors sought havens in a move to shield against mounting geopolitical risks following the US strikes on Iran.The US currency was quoted stronger against the euro and most major foreign-exchange peers as markets opened for the week in Sydney. Traders are forecasting a drop in stocks and a jump in crude prices and gold as the bombing fuels demand for safety and angst about energy supply. “This increased-risk environment will drive investors towards safe-haven assets,” said Ahmad Assiri, a market strategist at...

The European Central Bank (ECB) is gearing up for a significant milestone with the planned launch of the digital euro in October 2025. This development marks a pivotal shift in the region’s financial infrastructure, aiming to integrate digital currency into everyday transactions across the euro area. ECB President Christine Lagarde has been vocal about the initiative, emphasizing its potential to serve all citizens uniformly. Lagarde’s recent statements highlight the digital euro’s inclusive design, drawing parallels to China‘s e-CNY, which has been piloted on a substantial scale. She noted that the...

This is CNBC's live blog covering Asia-Pacific markets. Asia-Pacific markets mostly declined Monday, after the United States' attack on three nuclear sites in Iran raised oil prices and investors' fears of an escalation in the Middle East conflict. Oil prices fell in late Asian hours, reversing course from gains earlier in the day. Brent Crude was trading at $76.75 per barrel after falling 0.32% as of 4.23 p.m. Singapore time, while the West Texas Intermediate crude lost 0.33% to $73.6. Japan's benchmark Nikkei 225 ended the day 0.13% lower at 38,354.09, while the...

The further escalation in the Middle East conflict over the weekend, after the US attacked Iranian nuclear sites, increases the likelihood of a further spike in oil prices and will weigh on investor risk appetite. Brent crude futures had dipped towards US$74 on Friday, amid increased hopes for a diplomatic solution for the Iran-Irael conflict but subsequently rebounded towards US$76. The S&P closed modestly lower while the Euro Stoxx advanced 0.7%. The US dollar was firmer against a basket of developed market currencies. Treasury yields declined following dovish comments from...

Some of emerging Asia’s biggest central banks look to be dialling back their interventions in the currency market.The central banks of India and Malaysia have reduced the size of some derivatives positions they use to weaken their currencies. Taiwan has allowed its currency to surge against the US dollar in recent weeks and dropped hints that it would be comfortable with more if the moves were “orderly”. South Korea’s giant national pension fund has ended its five-month support of the won.A major reason for these moves is a simple change...

Economist and best-selling author Nassim Taleb says a single asset has overtaken the US dollar’s position as the world’s de facto reserve currency. In a new interview with Bloomberg, the Black Swan author says that the US dollar has lost its status as a reliable safe-haven asset, noting that people prefer to invest in the stock market rather than hold a currency that declines in value over time. He also says that America’s sweeping sanctions against Russia for its invasion of Ukraine marked the beginning of the end of the...