The U.S. dollar edged higher against most major currencies in early Asian trading on Monday, as escalating tensions in the Middle East, rising oil prices, and lingering investor uncertainty following last week's market volatility supported demand for safe-haven assets.
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The dollar gained 0.1% against the Japanese yen, rising to ¥162.48, its strongest level since July 9, as geopolitical tensions prompted investors to seek safer investments.
The euro slipped 0.1% to $1.1426, while the British pound held steady at $1.3445. The Australian dollar fell 0.1% to $0.6975, and the New Zealand dollar declined 0.2% to $0.5833.
Analysts at Westpac said in a research note:
"Foreign exchange markets were relatively calm, with the U.S. dollar generally stable, while the Australian dollar weakened against the greenback and most major currencies."
They added:
"Market sentiment continued to deteriorate as concerns over semiconductor company valuations weighed on risk appetite, while tensions in the Middle East escalated after Iran suspended its commitments under the temporary peace agreement."
Markets continue to expect that the U.S. Federal Reserve will leave interest rates unchanged at its next policy meeting on July 29.
The U.S. Dollar Index (DXY), which measures the dollar against a basket of six major currencies, rose 0.1% to 100.84.
In cryptocurrency markets, Bitcoin gained 0.2% to $64,637.89, while Ether also rose 0.2% to $1,869.72.
