USD Advances in Asia as Risk Sentiment Softens; Stablecoin Rules and Robotaxi Milestone in Focus
The Asia-Pacific session on Wednesday, November 19, 2025, opened with a firmer US dollar and a cautious tone across markets. Commodity-linked currencies—the Australian dollar, New Zealand dollar, and Canadian dollar—retreated as traders leaned risk-off and weighed fresh policy and geopolitical headlines.
In FX, AUD and NZD led declines against the USD, with CAD also softer amid the broader move to safety. Regional sentiment was tempered by signals that China intends to renew its ban on Japanese seafood imports, adding a layer of trade tension. In Japan, a senior adviser to Prime Minister Takaichi indicated the Bank of Japan is unlikely to raise interest rates before March, preferring to assess whether a ¥20 trillion fiscal package meaningfully lifts demand—a stance that contrasts with market calls for a possible January hike as growth softens.
Policy and tech developments rounded out the session’s drivers. The Bank of England is preparing a regulatory framework and safeguards for systemic stablecoins, part of its push toward a more formal, multi-currency digital money environment. In the US, Tesla secured an Arizona ride-hailing permit, opening the door to future robotaxi operations. Meanwhile, an unannounced visit to Ukraine by the US Army Secretary and the Army Chief of Staff, alongside reports of behind-the-scenes negotiations to end the conflict, also influenced the day’s risk tone.
Key Points – US dollar strengthens in Asia; AUD, NZD, and CAD lose ground amid risk-off sentiment. – China plans to renew its ban on Japanese seafood imports, weighing on regional trade mood. – BOJ seen delaying rate hikes until at least March to gauge impact of a ¥20tn stimulus package. – Bank of England drafting guardrails for systemic stablecoins to support a regulated digital money ecosystem. – Tesla obtains an Arizona ride-hailing permit, paving the way for potential robotaxi operations. – Unannounced US Army leadership visit to Ukraine adds to geopolitical uncertainty and market caution.
