Asian currencies weakened due to concerns over higher-for-longer rates and economic jitters in China. The dollar hovered near one-month highs amid doubts about early rate cuts by the Federal Reserve. Copper prices rose on the weaker dollar but headed for a weekly loss due to weak Chinese economic data. The dollar is set for a second consecutive weekly gain on signs of resilience in the U.S. economy and caution about rate cuts from central bankers. Bitcoin hit a five-week low at $40,484 after the U.S. approval of spot bitcoin exchange-traded funds.

Asian Currencies Weaken, Dollar Gains