Silver (XAG/USD) retreats from a four-day high, around mid-$73.00s touched earlier this Tuesday, though it sticks to positive bias for the third straight day. The white metal trades just above the $72.00 mark during the first half of the European session, up 3.0% for the day.
Standard Chartered’s Nicholas Chia and Chong Hoon Park note that new Bank of Japan (BoJ) data show underlying inflation near or above target and a positive output gap, while USD/JPY testing 160 raises the risk of earlier rate hikes than their current Q3 baseline.
The Euro (EUR) is pulling back against the British Pound on Tuesday, trimming some gains after rallying by more than 0.5% over the previous two days.
West Texas Intermediate (WTI) oil price halts its four-day winning streak, trading around $99.60 per barrel during the Asian hours on Tuesday. Crude oil prices weaken on growing speculation that US President Donald Trump could end the Iran conflict, easing fears of prolonged supply disruptions.
Turkey Trade Balance above expectations (-9.2B) in February: Actual (-9.03B)
Here is what you need to know on Tuesday, March 31:
MUFG’s Senior Currency Analyst Michael Wan notes Brent and WTI have surged as energy shortages go global, with geopolitical risks around Iran and Red Sea shipping threatening key routes.
The EUR/JPY pair trades with caution around 182.90 during the early European trading session on Tuesday.
BNY’s Americas Macro Strategist John Velis discusses how Federal Reserve (Fed) balance sheet reduction is moving up the agenda, with officials like Kevin Warsh and Stephen Miran favoring a smaller footprint achieved mainly via lower reserves.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after five days of gains and hovering around 100.50 during the Asian hours on Tuesday.
France Producer Prices (MoM) meets expectations (-0.2%) in February
France Consumer Spending (MoM) came in at -1.4% below forecasts (-0.2%) in February
