Higher Treasury yields and a firm dollar followed, weighing on gold near $4,150 and pushing EUR/USD below 1.13 as the ECB is expected to tighten more slowly than the Fed.

Hotter Tokyo inflation gave the yen some support, but the BOJ offered no clear timeline for its next hike, leaving USD/JPY near 158. The yuan also weakened toward 6.71 as higher US yields outweighed Beijing’s biggest stimulus push since September 2024.

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