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Rabobank’s Senior Market Strategist Benjamin Picton highlights that the Iran war and threats around the Strait of Hormuz are sustaining significant risk for Oil markets.

The USD/JPY pair trades 0.22% higher to near 159.60 during the European trading session on Monday. The pair gains as the US Dollar (USD) trades firmly amid firm demand for safe-haven assets, in the wake of the war in the Middle East.

The Indian Rupee (INR) extends its downfall against the US Dollar (USD) at the start of the holiday-shortened week. Indian markets will remain closed on Thursday due to Shri Ram Navami.

Societe Generale’s macro team highlights that March flash PMIs will be the first key read on how the recent Oil shock is affecting Euro area activity and prices.

Commerzbank’s Thu Lan Nguyen argues that despite what is described as the greatest threat to energy security in history, implied EUR/USD volatility remains unusually low.

Gold (XAU/USD) adds to its recent steep decline witnessed over the past three weeks or so and attracts heavy follow-through selling for the fourth consecutive day on Monday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $99.10 during the early European trading hours on Monday. The WTI price jumps amid an escalating conflict in the Middle East.

Gold prices fell in India on Monday, according to data compiled by FXStreet.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 99.65 during the early European trading hours on Monday.

The GBP/USD pair attracts some sellers to around 1.3315 during the early European session on Monday, dragged by a firmer US Dollar (USD). The preliminary readings of Purchasing Managers Index (PMI) from the United Kingdom (UK) and the United States (US) will be released later on Tuesday.