Asian Market Retreat as Profit-Taking Follows Recent Highs; U.S. Dollar Strengthens

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Asian Market See Subdued Finish After Profit-Taking From 26-Month Highs

Asian markets concluded the week on a subdued note as profit-taking set in following a recent rally that propelled shares to 26-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan declined by 0.6% on Friday, driven lower by a pullback in technology stocks, mirroring a mixed session on Wall Street.

The index has retraced by 0.1% from its recent peak in late May, marking a 5.6% decline since then. Hong Kong’s Hang Seng index extended its weakness, falling by 1.7% over the past month.

In foreign exchange markets, the euro recovered slightly, gaining 0.2% to trade at $1.0718, while sterling remained subdued at $1.2662, its lowest level in five weeks.

Conversely, the Australian dollar surged by 1.8% against the yen this week to reach a 17-year high, bolstered by a persistent hawkish stance from Australia’s central bank amidst low yields in Japan.

Bond markets also saw movement, with two-year yields increasing by 6 basis points to 4.7407%, and the 10-year yield rising by 5 basis points to 4.2593% over the week.

Meanwhile, oil prices showed marginal declines, with Brent futures slipping 0.1% to $85.59 per barrel, while U.S. crude also dipped by 0.1% to $81.19 per barrel.

The mixed performance across Asian markets reflects investor caution amid global economic uncertainties and ongoing shifts in monetary policies. As the week concludes, market participants await further economic indicators and central bank actions that could influence market sentiment in the coming sessions.

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