Dollar weakens

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The dollar tracked US yields lower in the foreign exchange market.

The euro was pinned at $1.0525 by political turmoil in France, where the government lost a confidence vote for the first time since 1962.

French bond futures were steady in Asia trade.

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The yen has retraced some recent gains and expectations for a rate hike in December have unwound following press reports pointing to policymakers’ likely caution.

It was a tad firmer at 150.14 per dollar on Thursday. The Australian dollar at $0.6435, was nursing what was its heaviest fall in a month on Wednesday following weaker-than-expected growth data.

Financial markets in South Korea were broadly steady after President Yoon Suk Yeol’s failed attempt to impose martial law late on Tuesday triggered volatility and a political crisis. 

In commodity trade, lingering expectations of Chinese stimulus supported iron ore prices, while oil inched higher ahead of an OPEC+ meeting later in the day.

The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely to extend their latest round of oil production cuts, sources told Reuters. Brent crude futures rose two cents to $72.33 a barrel. Gold prices steadied at $2,649 an ounce.  

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