Canada Housing Starts s.a (YoY) came in at 250.9K below forecasts (252.5K) in February

Nomura economists expect the Riksbank to keep its policy rate at 1.75% on 19 March and unchanged through 2026.

DBS Group economist Philip Wee argues that the Fed enters its March 17–18 FOMC meeting caught between surging energy-driven inflation and weakening US growth. With GDP revised down and the Sahm Rule triggered, recession is now a baseline concern.

The cryptocurrency market is experiencing renewed retail and institutional interest, with major assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) edging higher. After reaching a monthly high of $74,450, Bitcoin has adjusted to trade above $73,000 at the time of writing on Monday.

MUFG analysts Derek Halpenny and Lee Hardman observe that Japan has seen the smallest hawkish repricing among G10, with markets already pricing two Bank of Japan (BoJ) hikes but little additional tightening after the energy shock.

The Pound Sterling trades cautiously against its major currency peers, but 0.4% higher to near 1.3270 against the US Dollar (USD), during the European trading session on Monday.

Brown Brothers Harriman’s (BBH) Elias Haddad points out that USD/CAD slipped back below 1.3700 ahead of Canada’s February CPI release. Consensus expects headline inflation to fall on base effects, leaving core near mid-2% levels.

TradingKey - New uncertainty has once again emerged regarding the outlook for U.S. monetary policy. The Senate confirmation process for Kevin Warsh, long considered a front-runner for the next Federal

Commerzbank economists highlight that markets now price a more proactive ECB stance, with €STR forwards discounting at least one 25 basis point hike by July and nearly two by year-end, even as growth risks rise.

TD Securities analysts expect Canadian headline CPI to slow to 1.9% year-on-year in February, with softer core measures leaving inflation below Bank of Canada projections. However, they stress that this softer path matters less near term given Iranian conflict–driven Oil upside.

West Texas Intermediate (WTI), futures on NYMEX, trade slightly lower to near $98.00 during the European trading session on Monday.

EUR/JPY trades around 182.40 on Monday at the time of writing, virtually unchanged on the day after two consecutive days of decline. The cross stabilizes as the Euro (EUR) finds some support against its major peers.

ING’s Chris Turner expects the Dollar to stay supported as the Middle East conflict keeps Oil prices elevated and markets await central bank responses. He sees this week’s FOMC meeting as Dollar-positive, with the Federal Reserve likely to push back against current rate-cut pricing.

Societe Generale economists highlight that Iran‑related energy fallout is pressuring households and growth, with limited fiscal space for large support.

DBS Group economist Philip Wee highlights that EUR/USD fell 4% to 1.1415 in early March as Iran-related tensions boosted safe-haven Dollar demand. Markets price two ECB hikes in June and September, and unless the ECB pushes back, EUR/USD is expected to find support near 1.1390.

Silver prices (XAG/USD) fell on Monday, according to FXStreet data. Silver trades at $78.94 per troy ounce, down 2.07% from the $80.60 it cost on Friday.

Nomura economists expect the SNB to keep its policy rate at 0.00% on 19 March and for the foreseeable future.

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TradingKey - During the Asian trading session on March 16, the precious metals market experienced a significant pullback. Silver prices (XAGUSD) fell below the $80 mark, while gold prices (XAUUSD) als

Dow Jones futures gain 0.33% to trade near 46,750 during European hours ahead of the US regular market open on Monday. S&P 500 and Nasdaq 100 futures rise 0.49% and 0.51% to trade around 6,670 and 24,520 at the time of writing.

HSBC argues that recent Middle East tensions and “safe haven” demand have lifted the Dollar, helped by short USD covering and tighter US financial conditions.

ING’s Warren Patterson and Ewa Manthey report that Aluminium Bahrain has begun a phased shutdown equal to about 19% of its capacity due to Strait of Hormuz disruptions.

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A report by Bloomberg showed during European trade on Monday that a key port of Fujairah in the United Arab Emirates (UAE) was hit by a drone, the latest in a series of strikes threatening the country’s only export route outside the Strait of Hormuz.

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MUFG’s Senior Currency Analyst Lee Hardman highlights a bullish breakout in the US Dollar index above its 96.000–100.00 range, supported by surging Oil prices after the Strait of Hormuz was effectively closed.

The Japanese Yen (JPY) trades firmly against its major currency pairs, except the antipodeans, during the European trading session on Monday. The USD/JPY pair is down 0.26% to near 159.30 at the start of the busy central banks’ week.