Asian currencies held steady against the greenback in early trade, but a growing risk‑off sentiment kept momentum muted. Commerzbank Research said optimism for a near‑term U.S.–Iran pact evaporated after U.S. Central Command reported strikes on Iranian military sites, a retaliation to Tehran’s attacks on U.S. Navy destroyers in the Strait of Hormuz. Further escalation could jeopardise the fragile cease‑fire.

The U.S. dollar edged up 0.2%, reaching 1,461.86 won while hovering at 156.89 yen. The Australian dollar remained flat at US$0.7207, LSEG data showed. A modest dollar rise typically pressures export‑oriented Asian economies, but the limited move suggests traders are balancing currency fundamentals against geopolitical risk, keeping broader market direction uncertain. The modest lift also kept the won above its 2024 low, supporting local importers.

Investors eyeing the region will watch how the risk‑off tone filters through equity and bond markets, especially in commodity‑heavy nations like South Korea and Australia. Should tensions flare, capital could flee to safe‑haven assets, widening spreads on emerging‑market debt. For now, the currency cluster’s pause reflects a market waiting for a clearer geopolitical signal before committing to a directional bet.