International News 08 January 2026
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Asian Currencies Trade Narrowly as Markets Await U.S. Data
Most Asian currencies moved in a narrow range against the U.S. dollar in early Wednesday trading, as investors stayed cautious amid a lack of fresh regional catalysts and ahead of key U.S. economic data that could shape the Federal Reserve’s interest-rate outlook. The South Korean won and Thai baht weakened slightly, while the Japanese yen, Chinese yuan, and Singapore dollar traded near flat levels. In Southeast Asia, the Indonesian rupiah, Philippine peso, and Malaysian ringgit also edged marginally lower. On a year-to-date basis in 2026, several Asian currencies remain under pressure against the dollar, with the won, peso, and rupiah posting modest declines. In contrast, the Thai baht has strengthened since the start of the year, while the Singapore dollar and Malaysian ringgit have recorded mild gains. Overall, currency movements reflect a wait-and-see stance as markets assess global monetary policy direction, geopolitical risks, and the outlook for global economic growth.
Gold Prices Dip on Profit-Taking and Stronger Dollar Ahead of U.S. Jobs Data
Global gold prices fell on Wednesday as investors booked profits after bullion had risen to a more than one-week high in the previous session, and a stronger U.S. dollar weighed on sentiment across precious metals ahead of key U.S. employment data due later this week. Spot gold dropped about 0.7% to around US$4,466 per ounce, with U.S. gold futures for February delivery also lower. Prices had recently reached record highs, including touching US$4,549.71 per ounce on December 26, 2025 before easing back. Investors are awaiting important U.S. labor market releases — including nonfarm payrolls, ADP private payrolls, and JOLTS data — which could influence expectations for Federal Reserve interest rate cuts and further impact gold’s direction. A relatively firm dollar makes dollar-priced gold more expensive for holders of other currencies, contributing to the recent pullback. Despite the near-term profit-taking, analysts still see strong underlying support for gold due to rate-cut expectations and safe-haven demand in a low-yield environment.
Thailand Faces Economic Headwinds as Strong Baht and U.S. Tariffs Weigh on Growth
Thailand’s central bank warned that the economy is facing mounting challenges, including structurally weakening competitiveness, a persistently overvalued baht, and negative impacts from U.S. tariffs on exports. According to the Bank of Thailand (BoT), these pressures are compounded by high household debt, political uncertainty ahead of the February general election, and ongoing border tensions with Cambodia. Despite limited policy space, the central bank signaled it remains ready to act if necessary. GDP growth in the second half of 2025 is estimated at 1.3% year-on-year, with exports rising 9.1%, and full-year growth is expected to reach around 2.2%. Inflation remains subdued, keeping policymakers cautious. Headline CPI fell 0.28% year-on-year in December after a 0.49% drop in November, while core inflation rose a modest 0.59%. For 2025 as a whole, headline inflation declined 0.14%, mainly due to lower fuel and electricity prices. Authorities project headline inflation between -0.5% and 1% in early 2026 and up to 1% for the full year, while medium-term inflation expectations remain within the 1–3% target range. Although the BoT says deflation risks are not imminent, it continues to monitor them closely, especially as the baht — which strengthened more than 10% last year — tightens liquidity and strains small and mid-sized exporters.
Venezuela Shipped Billions in Gold to Switzerland During Early Years of Maduro’s Rule
Venezuela exported a large amount of gold to Switzerland during the early years of President Nicolás Maduro’s tenure, according to Swiss customs data analyzed by Reuters. Between 2013 and 2016, the South American country **sent about 113 metric tons of gold — worth nearly 4.14 billion Swiss francs (roughly US$5.20 billion) — to Switzerland. Most of this gold came from the Venezuelan central bank’s reserves, and was likely processed and certified in Switzerland, a major global hub for gold refining, before being sold or traded internationally. Gold exports from Venezuela to Switzerland ceased after 2016; customs data show no shipments between 2017 and 2025, likely due to European Union sanctions imposed in 2017 and the depletion of Venezuela’s gold reserves. Switzerland adopted those sanctions in early 2018 but did not impose a blanket ban on Venezuelan gold imports. The large gold transfers occurred when Caracas was selling down reserves to raise hard currency amid economic crisis and tightening international sanctions.