Asian currencies consolidate; pressured again by renewed Middle East tensions

Carol Kong of Commonwealth Bank of Australia stated in a research report: "The United States and Iran exchanged fire while the U.S. was assisting two U.S.-flagged vessels in transiting the Strait of Hormuz." The economist and currency strategist said: "The UAE reported that Iran launched cruise missiles and conducted drone attacks against the country." Kong added that renewed military actions in the Middle East cast doubt on the fragile U.S.-Iran ceasefire agreement, which could put upward pressure on the U.S. dollar. According to London Stock Exchange Group data, the U.S. dollar was little changed at 157.20 yen against the Japanese yen and flat at 1,475.67 won against the South Korean won.