BNY’s Bob Savage flags unpleasant preliminary March inflation in Europe, driven by energy and refined products, with diesel prices above 2022 levels. Governments are capping fuel costs via tax and margin measures, raising fiscal credibility questions.
The GBP/JPY pair trades almost flat at around 210.85 during the early European trading session on Monday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.30 during the early European trading hours on Monday. The WTI price retreats after reports that the United States (US) and Iran are making a push for a 45-day ceasefire.
The Euro (EUR) is trading lower against the British Pound (GBP) on a calm week opening, with most markets closed on Easter Monday, and markets wary of risk, amid greater concerns about an escalation of the war in Iran.
Commerzbank’s Dr. Henry Hao and Moses Lim highlight that Brent crude Oil remains supported as Middle East conflict disrupts regional energy infrastructure and constrains OPEC+ supply.
Iran’s parliamentary speaker Mohammad Baqer Qalibaf condemned US President Donald Trump’s threats to target energy and transport infrastructure, saying he was being misled by Israel’s Prime Minister Benjamin Netanyahu, Reuters reported on Monday.
Silver price (XAG/USD) trades 0.7% lower to near $72.50 in the late Asian trade on Monday, but is broadly consolidating in a limited range. The white metal turns sideways as investors await Iran’s response to United States (US) President Donald Trump’s ultimatum.
The NZD/USD pair attracts some buyers near the 0.5680 region, or over a four-month trough retested during the Asian session on Monday, and for now, seems to have snapped a two-day losing streak.
The USD/CAD pair declines to around 1.3940 during the early European trading hours on Monday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is inching lower after two days of gains and trading around 100.10 during the Asian hours on Monday.
Singapore Retail Sales (MoM) increased to 57.5% in February from previous 6.1%
Singapore Retail Sales (MoM): -4.1% (February) vs previous 6.1%
