ECB says it is closely monitoring indirect and second‑round effects.

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.

An article in People’s Daily said implementation of China’s fiscal-financial package to boost domestic demand is proceeding broadly as expected. Measures have supported countercyclical growth in lending to key investment and consumption sectors and are redirecting more social capital to priority domestic-demand areas. Beijing called for dogged execution to ensure policy benefits reach businesses and consumers, remove bottlenecks constraining investment and consumption, and expand new sources of domestic demand.