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Asian currencies mostly weakened on Friday while the U.S. dollar moved higher as investors reacted to renewed tensions between the United States and Iran, alongside expectations surrounding the upcoming U.S. nonfarm payrolls report. The stronger dollar reflected renewed demand for safe-haven assets amid geopolitical uncertainty in the Middle East.
The U.S. Dollar Index climbed 0.2% during Asian trading hours, recovering from recent declines. Dollar Index futures also posted a 0.2% gain as market participants shifted toward defensive positions following reports of military exchanges near the Strait of Hormuz, one of the world’s most critical oil shipping routes.
According to reports, Iranian and U.S. forces exchanged fire on Thursday after Iran accused Washington of targeting vessels and coastal areas near Qeshm Island. The United States stated that its actions were defensive after Iranian drones, missiles, and small boats allegedly approached U.S. Navy destroyers operating in the area.
Despite the escalation, U.S. President Donald Trump said the ceasefire agreement remained active and described the incident as limited in scope. Iranian officials also suggested the situation had stabilized, easing fears of a broader regional conflict. Investors interpreted these comments as a sign that diplomatic efforts between the two nations were still ongoing.
Currency markets across Asia showed cautious movement. The Japanese yen remained largely stable against the dollar, while the South Korean won weakened by 0.4%. China’s yuan also edged lower, with the USD/CNY pair rising 0.1%.
Elsewhere, the Indian rupee traded flat, the Singapore dollar slipped slightly, and the Australian dollar fell 0.2% against the greenback. Analysts noted that regional currencies may continue to consolidate as traders await fresh signals from U.S. economic data.
Market attention is now focused on the U.S. nonfarm payrolls report, which could influence expectations for future Federal Reserve interest rate decisions and overall dollar direction in global forex markets.
