Asian foreign‑exchange markets were broadly flat on Wednesday. The dollar index and futures each gained roughly 0.1%, with the index quoted at 100.388, up 0.07%. The Japanese yen slipped 0.2% against the dollar, while the Chinese yuan edged up 0.05%. The Australian dollar fell 0.15% against the greenback, and the Singapore dollar rose 0.08%. The Indian rupee was essentially unchanged and the South Korean won gained about 0.1%.
The muted activity came ahead of a high‑profile US‑China summit scheduled later on Wednesday, marking President Xi Jinping’s first official visit to the United States in President Donald Trump’s second term. Topics on the agenda include artificial intelligence, trade, an extension of the existing trade truce, rare‑earth exports and agricultural purchases. The summit also follows recent U.S. statements that officials discussed the Iran conflict on the sidelines of a United Nations meeting in New York.
In Australia, the Reserve Bank of Australia is expected to raise its policy rate by 25 basis points at a meeting next week, marking a fourth hike this year. Governor Michele Bullock warned of increasingly sticky inflation, and recent data showed the manufacturing PMI slipped into contraction in September while services growth slowed sharply.
Other data points due later in the day include Singapore’s August consumer‑price index and September purchasing‑managers‑index figures for the region. Traders will also watch the RBA meeting for clues on the pace of monetary tightening.
Overall, the combination of geopolitical developments and pending monetary‑policy decisions kept Asian FX markets largely unchanged, with the dollar’s modest rise reflecting cautious sentiment ahead of the summit and upcoming data releases.
