The won was an exception, with the USD/KRW pair dropping 0.4%

Most Asian currencies kept to a tight range on Wednesday, as markets remained uncertain over future Iran-U.S. peace talks after U.S. indefinitely extended a ceasefire.

Market focus remained squarely on how the Iran war will play out, with the status of peace talks remaining uncertain after the U.S. president extended the ceasefire, but maintained a naval blockade against Iran.

Asian currencies moved in a tight range as uncertainty over more peace talks between the two warring countries kept traders to the sidelines.

While the ceasefire extension does present some potential for de-escalation, the status of more peace talks remains unclear, especially after Iranian and U.S. delegates pulled out from a planned meeting in Pakistan on Tuesday.

Trump said the U.S. blockade against Iran remained in place, and that the Strait of Hormuz will remain closed. The latter presents risks to energy markets and inflation.

The yen’s USD/JPY pair was flat after data showed Japan’s exports grew for a seventh straight month, with the Middle East war so far causing limited impact.

The won was an exception, with the USD/KRW pair dropping 0.4% after producer price index data showed a sharp rise in March– a trend that could elicit more hawkish moves from the Bank of Korea.

The Australian dollar’s AUD/USD pair dropped 0.1%, while the Singapore dollar’s USD/SGD pair was flat. The yuan’s USD/CNY pair also moved little.

The dollar index and dollar index futures moved little in Asian trade, steadying after logging some gains on Tuesday.

The U.S. currency was supported by Warsh stating he made no promises to Trump that he would cut interest rates, while also emphasizing on the central bank’s independence from politics.