ING’s Carsten Brzeski warns that Germany’s long-awaited cyclical rebound has been dented after the Ifo index fell sharply in March, with expectations suffering their worst hit since the Russian invasion of Ukraine.
TD Securities’ Senior Commodity Strategist Ryan McKay warns that Oil markets face escalating tightness as flows through the Strait of Hormuz remain severely restricted and Gulf production cuts exceed 10m b/d.
United States EIA Crude Oil Stocks Change registered at 6.926M above expectations (0.5M) in March 20
ABN AMRO economists Bill Diviney and Jan-Paul van de Kerke note that the ECB is likely to respond to the renewed energy shock with additional tightening focused on preventing second-round effects.
UOB economist Lee Sue Ann highlights a hawkish pivot by the Bank of England (BoE), with the Bank Rate held at 3.75% and a unanimous 9–0 vote. The report removes prior expectations for three 2026 cuts, now forecasting the GBP Repo Rate steady at 3.75% through 4Q26 as inflation risks dominate.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is drifting lower as positive US Dollar momentum pulls USD/CAD away from their fair value estimate.
Gold (XAU/USD) extends its recovery on Wednesday after falling to four-month lows earlier this week, as early buyers step in following a sharp selloff.
UOB economist Lee Sue Ann highlights that Australian inflation remains elevated, with housing and electricity key drivers, even as trimmed mean CPI tracks slightly below earlier RBA projections.
The NZD/USD pair fell to the 0.5800 region, remaining under pressure as the US Dollar (USD) stays firm amid geopolitical uncertainty and elevated yields.
Brown Brothers Harriman’s (BBH) Elias Haddad notes that global risk sentiment has improved as markets position for a potential conflict resolution involving Iran, with DXY consolidating below 100.00.
BNP Paribas argues that European Union (EU) manufacturing firms enter the 2026 energy shock from Iran with historically low non-performing loan (NPL) ratios, suggesting stronger financial health than in 2022.
DBS Group Research economists Byron Lam and Daisy Sharma present a China GDP Nowcast indicating real GDP growth likely improved to 4.7% in 1Q 2026 from 4.5% in Q4 2025.
