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HSBC positions Asia as a prime destination for investors diversifying away from US-heavy portfolios, citing dynamic growth, strong domestic demand and supportive technology policies.

Gold price (XAU/USD) faces some selling pressure near $5,090 during the early Asian session on Friday. The precious metal extends the decline amid a stronger US Dollar (USD) and higher Treasury yields.

BNY Strategist Geoff Yu notes a surprising surge in Chinese Yuan demand since the conflict began, with underhedged positions cleared and Chinese assets holding up, especially equities.

Standard Chartered economists Tommy Wu and Hunter Chan note that the Offshore Renminbi (CNH) has shown a stable performance, with the Renminbi Globalisation Index largely flat between November and January after gains in August-October.

Commerzbank economists highlight that Taiwan’s February exports grew 20.6% year-on-year, marking a thirteenth straight month of double-digit gains despite holiday distortions. Electronics and AI-related shipments remain robust, though officials warn Middle East conflict could weigh on trade.

Israeli Prime Minister Benjamin Netanyahu held his first press conference on Thursday since the war with Iran started and said that they are aiming to stop Iran from moving nuclear and ballistic projects underground, and changing the Middle East.

OCBC strategists Sim Moh Siong and Christopher Wong highlight that easing Oil prices, a softer Dollar and a firmer RMB aided partial Ringgit recovery.

OCBC strategists Sim Moh Siong and Christopher Wong note that USD/CNH is consolidating near recent lows with fading bullish momentum, as fears of persistently high Oil prices and Iran-related risks weigh on broader sentiment despite the IEA’s reserve release.

AUD/USD turned lower on Thursday, retreating from the multi-year peak of 0.7187 achieved on Wednesday. The Greenback hedged sharply higher as the Middle East war intensified, pushing Oil prices up and fuelling demand for the safe-haven US Dollar (USD).

Gold (XAU/USD) trades under pressure on Thursday as a stronger US Dollar (USD) and rising Treasury yields cap upside attempts. At the time of writing, XAU/USD trades around $5,113, down nearly 1.20% on the day.