Asian currency markets are stuck in a consolidation range, with traders focusing on the development of the Iran situation. Recently, geopolitical risks have intensified, and several Asian currencies against the US dollar have shown high correlation. Market participants are adopting a cautious stance while awaiting confirmation of key information. The evolution of Iran-related developments could trigger a rapid shift in risk sentiment, thereby affecting the performance of emerging market currencies in the region. Currently, traders tend to remain on the sidelines until the situation becomes clearer, which also explains why Asian currencies lack a clear directional trend. Once there are clear signals in the geopolitical landscape, market liquidity may quickly concentrate in a specific direction.