Mitsubishi UFJ analyst Lee Hardman said in a note that since end‑February, when
the US‑Iran conflict began, the low‑yielding yen and Swiss franc have been the
weakest G10 currencies. Rising oil pushed the yen to a 40‑year low versus the
dollar and the franc to an 11‑month low; a negative energy‑price shock and
firmer ECB and Fed rate‑hike expectations have kept both currencies under
pressure, and they continued to underperform this month.
