The US dollar has changed little as markets weighed developments in the Iran war, while the yen steadied in muted trade after suspected intervention by Tokyo last week sparked sharp gains, Reuters reports.

The dollar index, which measures the US currency against six units, was steady at 98.44 after rising 0.3pc yesterday. The euro last fetched $1.1691, while sterling was at $1.3538.

“The market, I think, is very, very aware that the news flow can change very quickly and this could go either way. And I think that’s why the market is in this sort of holding pattern,” Jane Foley, head of FX strategy at Rabobank, said.

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