- Asian currencies consolidate against the dollar.
- Rising oil prices could prompt further Fed rate increases, bolstering dollar appeal.
- CBA economist Carol Kong says US and Iran remain far apart on a deal.
- Prolonged Strait of Hormuz closure threatens sustained elevated energy prices, adding to inflation and reinforcing case for further Fed tightening.
- Dollar little changed at 157.35 yen and 0.1% lower at 1,358.27 won, per LSEG data.
- Asian currencies held steady against the dollar but face headwinds from rising oil prices that could push the Fed to raise rates further, boosting dollar demand. CBA economist Carol Kong said the US and Iran remain far apart on a deal, with Iranian officials pessimistic before the November midterms. A prolonged Strait of Hormuz closure risks sustaining high energy prices, adding to inflation and reinforcing the case for more Fed tightening.
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