Global stocks remained in a narrow band on Tuesday, with the dollar regaining some lost ground against Asian currencies. Investor concerns have resurfaced over U.S. tariffs’ implications on economic growth, coupled with oil producers’ commitments to boost supply, keeping crude prices near historic lows.
The erratic trade policies of President Donald Trump have sparked major waves of dollar selling since April. This trend has lifted the euro, yen, and Swiss franc, with the Taiwan dollar reaching record levels, prompting speculation over potential regional foreign exchange revaluation to secure U.S. trade concessions.
The focus shifted to Hong Kong, where officials intervened by purchasing $7.8 billion to maintain the local currency’s peg to the dollar. Simultaneously, the MSCI index of Asia-Pacific shares outside Japan saw a slight increase, while markets speculated on easing U.S.-China trade tensions.
(With inputs from agencies.)
