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TD Securities stategists expect the Bank of Canada to keep its overnight rate at 2.25% with a cautious tone, as growth and inflation run below projections. They highlights elevated uncertainty and new inflation risks from the Iran conflict and higher Oil prices.

Danske Research Team notes that EUR/USD moved back above 1.15 as US Treasury yields declined and risk sentiment recovered. The bank does not expect the upcoming FOMC meeting to significantly alter the EUR/USD outlook, seeing the Federal Reserve in a wait-and-see mode regarding the Iran conflict.

Standard Chartered’s Christopher Graham expects the Bank of England to keep rates unchanged at its 19 March meeting, with a 7–2 split as two members likely back a 25 bps cut.

Australia’s Treasurer Jim Chalmers said on Wednesday that Iran war could add a further quarter of a percentage point to headline inflation and double the negative impact on Gross Domestic Product (GDP).

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losing streak for the third successive session and trading around 99.50 during the early European hours on Wednesday.

MUFG’s Senior Currency Analyst Michael Wan highlights that global and Asian rates have repriced since the Iran war, with the Reserve Bank of Australia’s 25 bps hike illustrating how domestic inflation and macro conditions drive policy paths.

Silver price (XAG/USD) holds positive ground near $79.90 during the early European session on Wednesday. Escalating tensions in the Middle East push demand toward safe-haven assets like silver.

UBS' Chief Economist Paul Donovan notes that the Federal Reserve is widely expected to keep policy unchanged, with attention centered on Fed Chair Powell’s press conference. Markets are looking for Powell’s reaction to Oil prices, the war and implications for US retail gasoline.

Here is what you need to know on Wednesday, March 18:

The EUR/USD pair faces slight pressure near 1.1550 during the European trading session on Wednesday after a two-day recovery move. The major currency pair struggles as the US Dollar strives to regain ground ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.