Dollar climbs on haven bid as AI rout grips Asian markets
Zawya · Li Gu ·
Weaker Asian equities are indirectly supportive of the dollar against Asian currencies
SHANGHAI/SINGAPORE - The US dollar held firm against major currencies on Friday, drawing support from safe-haven demand after a selloff in AI stocks worldwide, though lower Treasury yields capped gains ahead of a closely watched US payrolls report.
Currencies are swaying to the tune of the share and bond markets, analysts said, as investors take stock of the Democrats' victory in the US midterm elections and what that means for the AI trade, tariffs and the US-Israeliwar with Iran.
Asia's tech-heavy markets crumbled on Friday following the steepest decline in US stocks since April 2025 on fear of tighter scrutiny of the AI industry, particularly around data centre construction.