Dollar Steady Amid Waterway Tensions Ahead of US Inflation Data

The US dollar remained steady in Asian trading on Wednesday despite ongoing tensions in Middle Eastern waterways. The Emirates News Agency (WAM) reported that major currencies, including the euro and British pound, also held firm.

Cryptocurrencies, however, declined modestly, with Bitcoin falling 0.2% to $63,554.30 and Ethereum dropping 0.1% to $1,879.62. The market is now focused on the upcoming release of US inflation data, which could provide clues about the Federal Reserve's interest rate path.

The Japanese yen hovered near its lowest level this month despite recent coordinated intervention by US and Japanese authorities to support it. Meanwhile, oil prices edged higher due to rising tensions in the Strait of Hormuz.