Geopolitical Tensions Persist

Ongoing geopolitical tensions were highlighted by reports of the US military shooting down Iranian drones near the Strait of Hormuz. Separately, hostilities in Eastern Europe continued, with Russian attacks reported in Ukraine’s Kherson region, contributing to broader market uncertainty.

Strong US Jobs Data Pressures Silver

A stronger-than-expected US Nonfarm Payrolls report triggered significant market reactions, leading to a strengthened US Dollar. This put pressure on various assets, with silver prices experiencing a substantial daily decline. The New Zealand Dollar also fell sharply against the strengthened US currency following the report.

Asian Currencies Respond to Local Factors

In Asian markets, central bank policy and sector-specific performance influenced currency movements. Analysts noted the Bangko Sentral ng Pilipinas is expected to maintain a hawkish stance to combat inflation, a factor considered supportive for the Philippine Peso. In contrast, the South Korean Won weakened as a pullback in semiconductor stocks weighed on the currency.