MUFG’s Senior Currency Analyst Lloyd Chan maintains a defensive stance on Asia FX as the US‑Iran conflict keeps external pressures elevated. Higher US yields and Oil prices are supporting the Dollar and weighing on Asian currencies such as THB, PHP and KRW.

Litecoin (LTC) is trading in the red, slipping below $58 at the time of writing on Thursday, and faces rejection at a key level. Weakening derivatives metrics support a bearish sentiment, while technical analysis suggests a deeper correction in the near term.

The USD/JPY registers back-to-back bullish days after testing key support at the 20-day Simple Moving Average (SMA) around 158.24 on Monday, yet it remains shy of clearing the key weekly high of 159.65 hit on March 23. At the time of writing, the pair trades at 159.27, up 0.36%.

The AUD/JPY cross extends the decline to near 110.85 during the early European session on Wednesday. The Australian Dollar (AUD) softens against the Japanese Yen (JPY) amid cooler-than-expected Australian inflation data and uncertainty surrounding US-Iran talks. 

The USD/JPY resumes its upward trajectory after testing the 20-day Simple Moving Average (SMA) at 158.10 on Monday, rising towards 159.00, posting gains of over 0.14%.

The US Dollar Index (DXY) fell below the 100 mark on Monday and is now trading at 99.10, as improved risk appetite offsets support from steady yields and cautious expectations for the Federal Reserve.

The Japanese Yen begins the week on a strong foot as the USD/JPY falls some 0.67% amid an improvement in risk appetite, following the White House's delay of attacks on Iran for 5 days and its claim that the US had "very productive" talks with Tehran.

Solana (SOL) price trades around $86.50 at the time of writing on Monday after losing nearly 7% in the previous week. Mixed signals amid rising geopolitical tensions in the Middle East war suggest that SOL’s short-term outlook remains uncertain, limiting the scope for a recovery. 

Silver price (XAG/USD) retreats late in the North American session, down by over 6.80% in the day, poised to finish the week with losses of more than 15.70%, posting its second-largest weekly loss since the one that ended down 17.39% on January 30. At the time of writing, XAG/USD trades at $67.89.

India FX Reserves, USD down to $709.76B in March 9 from previous $716.81B

The USD/CHF trades more softly during the North American session despite the Swiss National Bank (SNB)'s efforts to intervene verbally in the forex markets to depreciate the Swiss Franc. Broad US Dollar weakness pushed the major down 0.31% to 0.7906.

The US Dollar Index (DXY) fell below the 100 mark and is now trading near the 99.40 price zone after investors assessed the Fed’s interest rate decision. Chair Jerome Powell claimed on Wednesday that higher energy prices will likely lead to inflation.

Ripple (XRP) is edging lower for the third consecutive day, trading around $1.46 at the time of writing on Thursday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losing streak for the third successive session and trading around 99.50 during the early European hours on Wednesday.

The USD/CHF falls during the North American session, depreciating by some 0.20% at the time of writing, trading near 0.7850, as traders brace for the Federal Reserve’s monetary policy decision on Wednesday.

Litecoin (LTC) is falling slightly on Tuesday, revisiting a key support level at $57, after a bullish breakout from its consolidation pattern. Even as the technical breakout points to further gains ahead, mixed on-chain and derivatives data indicate traders remain cautious. .

Switzerland Producer and Import Prices (MoM) came in at -0.3% below forecasts (0%) in February

The US Dollar (USD) reversed its four-day positive streak on Monday after markets assessed the United States (US) strike on Kharg Island, a strategic Iranian Oil outpost in the Persian Gulf, and warned that if Tehran continues to disrupt naval activity in the Strait of Hormuz, the US could target Oi

BNY’s iFlow data show heightened risk aversion, with bond buying concentrated in G10 and Eurozone debt while EM sovereigns are sold. FX flows highlight outflows from INR and EUR against demand for CNY and ZAR.

India FX Reserves, USD: $716.81B (March 2) vs previous $728.49B

Solana (SOL) price extends its gains on Friday, trading above $89, nearing the upper consolidation range, as bullish momentum builds.

The AUD/JPY cross attracts some sellers to near 113.40 during the early European session on Thursday. Escalating tensions in the Middle East continue to boost the safe-haven currencies such as the Japanese Yen (JPY) against the Australian Dollar (AUD). 

USD/CHF posted back-to-back bullish days on Wednesday, rising by over 0.25% after the latest US inflation report and as high energy prices pushed US Treasury yields higher, consequently the US Dollar. At the time of writing, the pair trades near 0.7800.

Shiba Inu (SHIB) price hovers at $0.0000056 as of writing on Wednesday, after posting a nearly 7% rebound over the past two days.

The USD/JPY edges higher on Tuesday, rising nearly 0.25% as risk appetite deteriorated late in the New York session, even though the US President Donald Trump hinted a de-escalation of the conflict. At the time of writing the pair trades at 158.07 some 80 pips above its opening price.

The USD/CHF recovers some ground on Tuesday, rises a modest 0.20% as the US Dollar recovers from earlier losses as risk appetite remains deteriorated as depicted by Wall Street, with three of the fourth US indices ending with losses.

Chiliz (CHZ) is showing signs of strength, trading above $0.040 as of writing on Tuesday after breaking out of a falling wedge, a technical pattern often associated with bullish reversals.

Meme coins are showing early signs of stabilization as of writing on Tuesday, as the broader crypto market attempts to recover. Dogecoin (DOGE) is nearing a key resistance zone where a breakout could open the door for further upside.

MUFG’s Senior Currency Analys Michael Wan argues that the Philippines Peso is vulnerable as the Iran and Middle East conflict threatens to keep the Strait of Hormuz closed and Oil above US$100/bbl.

Silver price climbs over 2% on Monday as the Greenback pares some of its previous gains, a tailwind for the precious metals segment. At the time of writing, XAG/USD trades at $86.35 after bouncing off daily lows of $79.66.