The U.S. dollar was on pace for its first weekly gain in three weeks on Friday, as a standoff between the U.S. and Iran maintained safe-haven demand for the currency.

By 05:49 ET (09:49 GMT), the U.S. dollar index, which tracks the greenback against a basket of rival currencies, was broadly unchanged at 98.80. The euro was also flat against the dollar at $1.1686, while the British pound had edged up by 0.1% to $1.3483.

Investors have been coming to the U.S. dollar as a relative bastion, attracted in part by the U.S.’s status as a major energy exporter, which could help insulate the country from an energy shock caused by the effective closure of the Strait of Hormuz. 

Markets feared that a swift resolution to the Iran conflict appeared unlikely. While the U.S. did indefinitely extend a ceasefire with Iran this week, Tehran continued to attack ships in the Strait of Hormuz, while Washington has seized vessels attempting to run its naval blockade in the region.

U.S. President Donald Trump said on Thursday he was in no rush to end the war, even as Israel and Lebanon agreed to prolong their ceasefire by three weeks. 

Meanwhile, most Asian currencies weakened. The Japanese yen, in particular, fell. New data showed consumer inflation in Japan picked up more than expected in March, but markets remained convinced that the Bank of Japan is not likely to raise interest rates at a meeting next Tuesday.