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Investing.com-- Most Asian currencies slid sharply on Friday as the U.S. dollar surged amid a global shift toward safe‑haven assets, triggered by Israel’s large‑scale strikes on Iranian nuclear and military targets.
The US Dollar Index, which measures the greenback against a basket of major currencies, climbed 0.5%, as investors poured into traditional havens
US Dollar Index Futures were also trading 0.5% higher.
Israel strikes Iran, investors flock to safe-haven assets
Early Friday’s Israeli strikes targeted "dozens" of Iranian nuclear, missile, and military sites, prompting sirens in Israel and explosions in Tehran.
Iran activated air defence systems and warned of imminent retaliation.
Israeli Prime Minister Benjamin Netanyahu stated in a recorded video that the military campaign would continue "for as many days as it takes to remove this threat," urging citizens to brace for a potential Iranian response.
These developments led to a risk-averse mood with investors flocking towards safe haven assets like the U.S. dollar, bullion.
Oil prices surged as much as 13% on Friday on supply disruption fears, as Iran is a major oil producer.
S.Korean won, Aussie dollar drop over 1%
In Asia, the South Korean won led losses, with the USD/KRW pair jumping more than 1.2% as geopolitical risk dampened regional sentiment.
Australia’s dollar AUD/USD pair dropped about 0.9%.
The Chinese yuan’s onshore USD/CNY and offshore USD/CNH pairs were both trading 0.2% higher on Friday.
The Japanese yen’s USD/JPY pair was largely unchanged, supported by its safe-haven appeal.
The Singapore dollar’s USD/SGD rose 0.5%, while the Indian rupee’s USD/INR pair jumped 0.6%.
Elsewhere, the Indonesian rupiah’s USD/IDR pair, the Philippine peso’s USD/PHP, and the Malaysian ringgit’s USD/MYR, all gained nearly 1%.