International News 22 October 2025
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Asian Currencies Steady as Markets Await U.S.–China Trade Developments
Most Asian currencies traded little changed against the U.S. dollar on Tuesday (October 21, 2025), as investors awaited progress in trade talks between Washington and Beijing. The Taiwan dollar led regional gains, strengthening 0.17% to NT$30.599 per USD, while the Korean won slipped 0.05% to 1,421.5, and the Thai baht edged down 0.15% to 32.59. The Philippine peso and Indonesian rupiah were nearly flat at 58.146 and 16,565 per USD, respectively. Meanwhile, the Japanese yen weakened 0.23% to 151.08, the Singapore dollar remained steady at 1.294, the Malaysian ringgit rose 0.05% to 4.222, and the Chinese yuan inched up 0.06% to 7.119. Regionally, Asian currencies have shown resilient performance throughout 2025, buoyed by steady capital inflows and improving regional growth outlooks. The Taiwan dollar has surged 7.13% year-to-date, outperforming peers, followed by the Singapore dollar (+5.53%) and Malaysian ringgit (+5.83%). In contrast, the Indonesian rupiah and Indian rupee have weakened 2.87% and 2.63%, respectively, reflecting divergent monetary policy paths and capital flow pressures.
Gold Holds Near Record High as Fed Cut Bets, U.S. Shutdown Fuel Safe-Haven Demand
Spot gold edged up 0.2% to $4,363.58/oz early Tuesday, hovering just below Monday’s $4,381.21 record, while December futures rose 0.5% to $4,379. Support came from a 20-day U.S. government shutdown, repeated Senate budget deadlocks, and a “data vacuum” heading into next week’s Fed meeting. Markets fully price a 25 bps cut this month with another possible in December (CME FedWatch), and ETF demand remains firm: SPDR Gold Trust holdings climbed 1.09% to 1,058.66 tonnes. Focus now shifts to Friday’s delayed U.S. CPI, with economists expecting 3.1% y/y for September—an outcome that could temper the pace of easing. Geopolitically, Treasury Secretary Scott Bessent is set to meet China’s He Lifeng in Malaysia to cool tariff tensions, while White House adviser Kevin Hassett signaled the shutdown could end this week. In other metals, silver dipped 0.3% to $52.29/oz, platinum rose 0.3% to $1,643.48/oz, and palladium gained 0.6% to $1,504.72/oz.
Oil Prices Edge Lower Amid Supply Glut Fears and U.S.–China Trade Tensions
Global oil prices slipped on Tuesday (October 21, 2025) as concerns over a potential supply glut and weakening demand weighed on sentiment, despite renewed optimism from U.S. President Donald Trump about reaching a trade deal with China. Brent crude fell 0.2% to $60.87 per barrel, while West Texas Intermediate (WTI) for November delivery dropped 0.1% to $57.45, and the more active December contract eased 0.2% to $56.89. Trump expressed confidence that his upcoming meeting with Chinese President Xi Jinping in South Korea would yield a “fair trade deal,” even as disputes over tariffs, technology, and market access persist. Analysts at Ritterbusch & Associates noted that short-term trading sentiment for oil remains bearish, driven by a “sell-on-rally” strategy amid ongoing geopolitical uncertainty and a worsening supply–demand balance. Early Reuters surveys indicated rising U.S. crude inventories ahead of official data releases, while attacks on Russia’s Novokuibyshevsk refinery and Kazakhstan’s Karachaganak gas field added volatility. Meanwhile, the International Energy Agency (IEA) recently projected a potential global oil surplus of nearly 4 million barrels per day by 2026, citing rising OPEC+ output and softening demand. The market also faces headwinds from U.S. threats to impose tariffs on India’s imports of discounted Russian oil, further clouding the near-term outlook.