Currency markets calm awaiting Washington and Tehran talks

A state of sluggishness prevailed over currency markets in early Asian trading today, with investors remaining cautious amid conflicting signals regarding US efforts to end the war with Iran.

US President Donald Trump indicated progress in the talks, while Tehran denied holding any direct negotiations, which kept the markets in a state of suspense.

The major currencies moved in narrow ranges, as the euro rose 0.1 percent to $1.1619, the British pound rose 0.1 percent to $1.3428, while the New Zealand dollar stabilized at $0.5834.

The dollar index, which measures the performance of the US currency against a basket of currencies, fell 0.1 percent to 99.126, with demand for the currency as a safe haven declining.

The dollar stabilized against the Japanese yen at 158.645 yen, after indications from the Bank of Japan that the trend of raising interest rates would continue.

This calm in the currency market came despite sharp fluctuations in other markets, as stock futures rose and oil prices declined significantly.

In Australia, the Australian dollar fell 0.2 percent to $0.6983 before stabilizing, following the release of inflation data that showed a rise of 3.7 percent in February.

In the cryptocurrency market, Bitcoin rose 1.2 percent to $70,910.16, and Ether rose 0.8 percent to $2,164.74.