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The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.70 during the Asian trading hours on Friday.

USD/CAD steadies after registering over 0.25% gains in the previous session, trading around 1.3640 during the Asian hours on Friday. However, the commodity-linked Canadian Dollar (CAD) may strengthen amid surging oil prices, as Canada is the largest crude exporter to the United States (US).

The NZD/USD pair posts modest gains near 0.5855 during the early Asian session on Friday. Nonetheless, ongoing conflicts in the Middle East might cap the upside for the Kiwi against the US Dollar (USD).

A Reuters poll showed on Friday that 23 of 30 economists expect the Reserve Bank of Australia (RBA) to raise the Official Cash Rate (OCR) to 4.10% on March 17. Seven economists projected no change. The forecast marks a shift from February’s poll, which anticipated rates to remain at 3.85%.

Iran’s new supreme leader, Mojtaba Khamenei, said in his first public statement since being appointed that the closure of the Strait of Hormuz maritime passage should be continued as a “tool to pressure the enemy,” CNBC reported on Thursday. 

The EUR/USD pair holds positive ground near 1.1520 during the early Asian trading hours on Friday. However, the potential upside might be limited amid escalating geopolitical tensions in the Middle East.

AUD/USD gains ground after registering over 1% losses in the previous session, trading around 0.7090 during the Asian hours on Friday. The Australian Dollar (AUD) finds support against the US Dollar (USD) amid hawkish expectations surrounding the Reserve Bank of Australia (RBA) policy outlook.

 West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.

OCBC strategists Sim Moh Siong and Christopher Wong observe that Asian FX, including the Singapore Dollar, still vulnerable to Oil-driven inflation and growth risks despite the IEA’s reserve release.

Commerzbank analysts note that January industrial production rose 5.9% year-on-year, the strongest since mid‑2024, driven by export-oriented manufacturing and semiconductor demand.