Core Viewpoint - The weakening of the US dollar is driving up stock markets and currencies in emerging markets, with traders focusing on upcoming US data that may reinforce bets on Federal Reserve rate cuts [1] Group 1: Currency Performance - The Indonesian rupiah is leading gains among Asian currencies, while the Romanian leu and Czech koruna are performing well in the broader emerging markets due to upcoming US-Russia talks [1] - The Morgan Stanley Capital International Emerging Markets Currency Index has seen a slight increase against the US dollar [1] Group 2: Market Expectations - Most Asian currencies are awaiting the US Consumer Price Index report for July, which is expected to provide new insights [1] - Federal Reserve officials have shifted to a dovish stance, with the market almost fully pricing in a 25 basis point rate cut in September, which could support most Asian currencies except for Japan [1]

Group 1 - The Kansas City Fed President, Esther George, will be absent from the FOMC meeting, with Minneapolis Fed President Neel Kashkari voting in her place [1] - Over 55% of respondents in a Reuters survey expressed concerns about the dollar's safe-haven status, a significant increase from about one-third in the April survey [1] - The Hong Kong Monetary Authority (HKMA) has been reducing the duration of its U.S. Treasury holdings and diversifying investments into non-U.S. assets to manage risk [1] Group 2 - The Bank of England's interest rate decision announcement will be delayed by two minutes [2] - The U.S. Senate committee is advancing the nomination of Bowman as the Fed's Vice Chair for Supervision [2] - The Bank of Japan plans to conduct its own wage survey, which could serve as a reference for policy decisions [2] - The Swiss National Bank is prepared to intervene in the foreign exchange market if necessary and has not ruled out the possibility of negative interest rates [2] - According to ING, the decline of the Norwegian krone may be limited, with a target of 11.50 for the euro against the krone by year-end [2] - A Reuters survey predicts the euro to dollar exchange rate will be 1.13 in three months, 1.14 in six months, and 1.16 in one year [2] - The majority of emerging market currencies are expected to weaken against the dollar in the next three months according to a Reuters survey [2] - JPMorgan recommends going long on the euro against the Romanian leu, stating that the Romanian currency is "clearly moving out of intervention range" [2] - The European Commission Vice President, Šefčovič, stated that the EU is prepared to respond to U.S. tariffs, with all options on the table [2]