Asian currencies consolidated against the dollar in early trade but face downward pressure from safe-haven demand for the greenback amid rising Middle East tensions.
A pickup in Iranian attacks on vessels in the Strait of Hormuz kept Brent oil futures elevated, supporting the dollar, according to CBA's Carol Kong in a research report.
The minutes of the FOMC's September meeting reinforced the view that the Fed's hiking cycle is not over, the economist and currency strategist adds. The U.S. dollar remained little changed at 1,339.51 won and was flat at 1.2795 Singapore dollars, while the Australian dollar held steady at US$0.6961, LSEG data show.
(ronnie.harui@wsj.com)
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing