According to Jinshi, Asian currencies consolidated against the US dollar in early trading, but may be dragged down by rising US Treasury yields. Three members of the Commonwealth Bank of Australia (CBA) Global Economics and Market Research Department said that the US dollar was slightly stronger than they expected, and the additional strength of the US dollar was partly due to the reassessment of the timing and magnitude of the Fed's interest rate cuts in the next few years, as well as the rise in oil prices.