Singapore: The dollar held steady today as no signs of progress emerged in talks to end the Middle East war, pushing oil prices higher and raising investor concerns that interest rates may need to stay elevated to counter inflation.

According to Oman News Agency, Brent crude futures rose 0.3 percent to $104.55 per barrel. US West Texas Intermediate crude gained 0.13 percent to $98.17 per barrel. Currency markets were subdued at the start of Asian trading, with focus shifting to President Trump's visit to China later this week. US Treasury Secretary Scott Bessent is also in Asia for meetings in Japan and South Korea.

The euro held at $1.1775, while sterling stayed flat at $1.3602. The dollar index, tracking the US currency against six major rivals, held at 97.98. The dollar initially benefited from safe-haven flows when the war broke out, but has since surrendered most of those gains and remains volatile amid uncertain deal prospects, with a ceasefire that appears to be hanging by a thread.

Attention later today will turn to the US inflation report, expected to show consumer prices rose 0.6 percent last month after a 0.9 percent surge in March. The yen held steady at 157.30 per dollar. Japan and the United States reaffirmed close cooperation on currency moves, Japan's Finance Minister Satsuki Katayama told reporters after a meeting with her US counterpart.

The Australian dollar fell 0.14 percent to $0.724 ahead of the Australian budget, while the New Zealand dollar declined 0.07 percent to $0.5959. Bitcoin edged down 0.3 percent to $81,551 in early trading.