OCBC Bank stated that Trump's speech has diminished hopes for a swift end to the war, prompting markets to brace for further escalation in the near term, higher oil prices, and a stronger U.S. dollar. "Persistently elevated oil prices are shifting inflation concerns to growth concerns, which may not only begin to weigh on risk-sensitive currencies of energy-importing nations like the New Zealand dollar, British pound, and Swedish krona, but could also affect risk-sensitive currencies of energy-exporting countries such as the Australian dollar and Norwegian krone," said Moh Siong Sim, FX strategist at the bank. "If U.S. Treasury yields decline due to heightened growth concerns, the Japanese yen could transition from an underperformer to an outperformer," he added.