The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0852 GMT - Riksbank kept its key rate unchanged at 1.75% as it awaits more information, Nordea chief analyst Torbjorn Isaksson writes. The central bank sees some upside risks to its inflation forecasts, but inflationary pressure is moderate, which gives it scope to wait and see, Isaksson says. The Riksbank isn't sending a strong signal that it will raise rates in September, but it is keeping the door open to take action if necessary. If the krona were to weaken, inflation risks could increase sufficiently for the Riksbank to hike rates, so Nordea is keeping a close eye on the exchange rate. "For now, we maintain our view that the Riksbank will keep the policy rate unchanged at 1.75% this year and raise it twice around mid-2027." (dominic.chopping@wsj.com)

0848 GMT - Malaysia's export momentum could moderate in the latter part of the year due to high base effects, potential El Nino disruptions, heightened financial uncertainty and a gradual unwinding of front-loaded orders, UOB economists Julia Goh and Loke Siew Ting say in a note. Evolving U.S. trade policy remains a key risk, particularly for Malaysia's E&E sector, with further tariffs or tighter rules on semiconductors and related products potentially weighing on exports. However, upside risks remain from elevated commodity prices amid Middle East tensions, as well as sustained demand for data centers, AI and digital infrastructure, they add. (yingxian.wong@wsj.com)

0847 GMT - Inbound tourism is emerging as a meaningful source of incremental spending in China, supporting the service sector's development, BofA Securities economists say in a research note. "China received 35 million foreign visitors in 2025, equivalent to 105% of 2019 arrivals, and momentum has strengthened further this year," they say. The recovery in inbound tourism is also broadening geographically. Tourists from Southeast Asia led the rebound in 2025, while those from Europe and North America have provided more of this year's incremental lift, they say. (tracy.qu@wsj.com)

0840 GMT - The dollar looks more vulnerable to depreciation following the U.S. Treasury's decision to increase buybacks of long-term securities, MUFG Bank analysts say in a note. The U.S. is unlikely to address the ever-expanding fiscal deficit, they say. Hence, the danger is that the Treasury's buyback proves counterproductive and reduces appetite for holding U.S. assets, potentially leading to the selling of Treasury bonds and the dollar, they say. The prospect of inflation continuing to subside could also weigh on the dollar if markets price out U.S. interest rate rise expectations, they say. "There appears to now be more avenues opening for dollar weakness ahead rather than dollar strength." The DXY dollar index falls to a three-month low of 98.695. (renae.dyer@wsj.com)

0836 GMT - Malaysia's exports are expected to remain supported for the rest of the year by resilient manufactured goods shipments, particularly electrical and electronic products, alongside continued strength in commodity-related exports, especially natural gas, RHB senior economist Chin Yee Sian says in a note. The global technology upcycle and AI-related semiconductor demand should continue to support E&E exports. However, risks remain from U.S. tariff policies, geopolitical tensions and a potential slowdown in AI investment, which could weaken global semiconductor demand, she says. Malaysia's diversified economy and deep supply-chain integration should offer some resilience, she adds. RHB maintains its 2026 exports growth estimate at 21.7%. (yingxian.wong@wsj.com)

0807 GMT - The Monetary Authority of Singapore's planned hedge fund allocation program could be worth more for its sovereign-adjacent status rather than the capital injection itself, says Suhaimi Zainul-Abidin of Quantedge Capital in an email. MAS is planning measures to boost the city-state's asset-management competitiveness, including a new hedge fund investment program, but didn't disclose further details. Still, the fund manager's chief executive says the program, which will likely directly boost assets under management, could be interesting to watch, as a "sovereign-adjacent allocation following real diligence is a signal that travels." The program is likely to encourage firms to expand their Singapore operations, provided the allocation covers long-duration capital, he says, referring to money to be invested with a long time horizon. (megan.cheah@wsj.com)

0802 GMT - Gold prices holds above $4,500 after Wednesday's rally and the release of the Federal Reserve's minutes. "The minutes of the Fed's July meeting confirmed that the rate-setting committee had become more hawkish since the June meeting but, with the inflation, labour market and activity data since then all on the soft side, there is little to suggest that interest rate hikes are imminent," says Ariane Curtis from Capital Economics. In early European trading, New York futures rise 0.1% to $4,547.90 a troy ounce. Prices climbed in the previous session on a weaker U.S. dollar and lower U.S. government bond yields after the Treasury said it would at least double the amount of bonds it buys back. (giulia.petroni@wsj.com)

0801 GMT - The Swedish krona falls after the Riksbank left interest rates unchanged at 1.75% as expected and refrained from sending stronger signals about the possibility of raising interest rates amid geopolitical uncertainty. The Riksbank reiterated that a rate rise later this year remains possible but there is "considerable uncertainty and developments call for vigilance." In addition to the Iran war, there are several other risks that could affect the outlook for inflation and economic activity such as high equity valuations of U.S tech companies, the sustainability of several countries' public finances, unpredictable U.S. trade policies, the Ukraine war and the summer's drought, the central bank said. The euro rises 0.2% to 11.0391 krona from 11.0152 before the announcement. (renae.dyer@wsj.com)

0746 GMT - The dollar falls to a three-month low against a basket of currencies as the U.S. Treasury's decision to increase buybacks of long-term bonds boosts risk sentiment, ING's Chris Turner says in a note. The announcement suggests Treasury Secretary Scott Bessent is willing to step in to curb rising long-term borrowing costs, he says. This reduces one of the key threats to risk assets this summer, weighing on the dollar as a safe haven and supporting emerging market currencies, he says. The DXY dollar index falls to as low as 98.708. It could probably extend losses to 98.65, Turner says. "The next stop would be 98.00 should risk assets build another leg higher on this more activist U.S. Treasury." (renae.dyer@wsj.com)

0740 GMT - The U.S. Treasury's announcement of plans to double the size of its buyback operation of long-dated Treasurys is leading to improved sentiment around global markets, Tickmill Group's Patrick Munnelly says in a note. "The rally shows how quickly sentiment can recover when duration pressure eases, especially in AI-linked markets where valuation sensitivity to long-end yields is high." Ten-year U.K. gilt yields fall 0.5 basis points to 5.042% in early trade, while ten-year German Bund yields fall 0.9 bps to last trade at 3.252%, Tradeweb data show. (miriam.mukuru@wsj.com)

0726 GMT - Bank Indonesia could raise its policy rate by 25 bps in 4Q, if external and inflation risks renew pressure on the rupiah, CIMB economists say in a note. A narrowing current-account deficit could support the rupiah in 2H, but external factors, including the Fed rate path, dollar strength and oil prices, are likely to remain key currency drivers, they say. Domestic inflation risks are skewed to the upside amid potential El Nino-related food disruptions and Middle East-driven energy price volatility, they reckon. With growth expected to weaken in 2H, CIMB expects BI to remain patient while monitoring global rates and rupiah dynamics.(yingxian.wong@wsj.com)

0721 GMT - Yields on U.K. government bonds fall, tracking similar moves in their U.S. equivalents after the U.S. announced that they would double the size of their long-dated Treasuries buyback operation starting on September 9. In addition, Wednesday's U.K. inflation data showed a slowdown in services inflation, easing concerns about the possibility of aggressive interest-rate rises by the Bank of England. Ten-year gilt yields fall 1.4 basis points to last trade at 5.033%, Tradeweb data show.