As tensions in the Middle East escalate, most Asian currencies weaken.
Carol Kong of Commonwealth Bank of Australia stated in a research report, “There have been attacks on shipping in the Strait of Hormuz and its surrounding areas.” The economist and foreign exchange strategist noted that this “prompted the US to revoke exemptions that allowed the sale of Iranian oil.” “War-driven energy price shocks have increased the safe-haven appeal of the US dollar,” Kong added. Data shows the dollar rose 0.3% to 1,519.10 South Korean won; edged up 0.1% to 1.2931 Singapore dollar; and increased 0.2% to 33.39 Thai baht.
Disclaimer: The content of this article solely reflects the author’s opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
