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ING’s Francesco Pesole argues that even under a severe and prolonged Gulf conflict, European gas prices are unlikely to revisit 2022 extremes, supporting a constructive medium-term view on EUR/USD.

MUFG’s Senior Currency Analyst Lee Hardman highlights that USD/JPY is stalling just below 160.00 as Japan’s Finance Minister Katayama escalates verbal intervention, stressing readiness to respond at any time.

Rabobank’s Senior Global Strategist Michael Every argues escalating conflict involving Iran, Israel and regional actors is increasingly threatening Oil supply rather than just flows, with upstream fields now targeted.

The AUD/USD pair claws back a majority of its early losses, which arrived after the Reserve Bank of Australia’s (RBA) interest rate decision, and rebounds to near 0.7085, following Governor Michele Bullock’s press conference.

Commerzbank’s Volkmar Baur highlights that the Reserve Bank of Australia delivered a second rate hike this year, but AUD/USD remains below 0.71 and choppy.

BNY’s Americas Macro Strategist John Velis expects no policy change at the March FOMC meeting and very limited forward guidance, as the Federal Reserve grapples with higher inflation expectations from the Middle East conflict and a softening labor market.

MUFG's Senior Currency Analyst Michael Wan notes that Bank Indonesia benefits from Indonesia’s net commodity exporter status, but faces weak starting macro conditions and fiscal constraints as oil rises. Higher energy prices threaten subsidy costs and the 3% of GDP deficit cap.

Gold (XAU/USD) surrenders modest intraday gains and retreats to the lower end of its daily range heading into the European session on Tuesday, though it manages to hold above the $5,000 psychological mark.

The Indian Rupee (INR) trades lower against the US Dollar (USD) in the opening trade on Tuesday. The USD/INR pair rebounds to near 92.90 after a correction on Monday as the Indian Rupee resumes its downside journey amid the continuous outflow of foreign funds from the Indian stock market.

Reserve Bank of Australia (RBA) Governor Michele Bullock is addressing the press conference, explaining the reasons behind raising the benchmark interest rate by 25 basis points (bps) to 4.10% after the March monetary policy meeting.