Dragged down by the US Treasury's debt repurchase program, the US dollar continued to be under pressure, and emerging market currencies continued to rise, reaching record highs. The MSCI Emerging Markets Currency Index rose as high as 0.3%, rising for the third consecutive trading day, once again setting a new historical record. Bloomberg's US dollar spot index fell 0.2%; after US Treasury Secretary Scott Bessent announced a debt buyback plan, the index had a cumulative decline of 0.7% in the previous two trading days. Rajiv de Mello, Global Macro Portfolio Manager at Gamma Asset Management, said: “Bezent's policy orientation favors intervention, making Asian currencies the main beneficiaries. High oil prices remain a core factor limiting the further appreciation of Asian currencies.”

Dragged down by the US Treasury's debt repurchase program, the US dollar continued to be under pressure, and emerging market currencies continued to rise, reaching record highs. The MSCI Emerging Markets Currency Index rose as high as 0.3%, rising for the third consecutive trading day, once again setting a new historical record. Bloomberg's US dollar spot index fell 0.2%; after US Treasury Secretary Scott Bessent announced a debt buyback plan, the index had a cumulative decline of 0.7% in the previous two trading days. Rajiv de Mello, Global Macro Portfolio Manager at Gamma Asset Management, said: “Bezent's policy orientation favors intervention, making Asian currencies the main beneficiaries. High oil prices remain a core factor limiting the further appreciation of Asian currencies.”