Asian Currencies Muted as Dollar Dull and Rate-Cut Bets Persist

Asian currencies remain muted while the dollar shows little strength despite bets for U.S. interest rate cuts. Chinese exports exceed expectations, but CPI inflation only slightly picks up in December. The yuan rises, but continues to face losses from 2023 and the first week of 2024. Other Asian currencies, such as the South Korean won and Singapore dollar, weaken slightly, while the Indian rupee weakens back above the 83 level against the dollar.