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BNY’s Head of Markets Macro Strategy Bob Savage underlines a notable break in traditional correlations between the Dollar, Oil and equities as investors navigate the Iran conflict and central bank meetings.

MUFG analysts maintain a short EUR/USD stance, arguing that the Euro faces a larger negative terms-of-trade shock from higher Oil and natural gas prices.

The United States (US) Industrial Production rose 0.2% MoM in February versus the 0.7% advance from January. At the same time, Capacity Utilization stood at 76.3%, matching the revised figure from January, according to a Federal Reserve (Fed) report.

Societe Generale economists note Euro area industrial production fell sharply in January despite improving PMIs and German orders.

ING’s Warren Patterson highlights that Oil markets are repricing for a longer disruption of flows through the Strait of Hormuz, with around 8m b/d of crude already shut in.

TD Securities’ Daniel Ghali warns Copper will increasingly need to draw from exchange warehouses as global deficits bite.

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.

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.

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.