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Rabobank’s Senior FX Strategist Jane Foley notes that the Swiss Franc has underperformed typical safe-haven expectations since the Middle East conflict began, partly due to the SNB’s intervention warnings.

Canada’s inflation cooled in February, with the Consumer Price Index (CPI) rising 1.8% from a year earlier, a touch below market expectations and easing from the 2.3% increase recorded in January. On a monthly basis, prices rose 0.5%.

Nordea economists Kjetil Olsen and Sara Midtgaard argue that much higher Norwegian inflation and an energy price shock will force Norges Bank to tighten further.

Silver (XAG/USD) trades around $79.70 on Monday at the time of writing, down 1.12% on the day. The white metal is under pressure as investors adopt a cautious stance ahead of this week’s monetary policy announcements from major central banks, particularly the Federal Reserve (Fed).

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.

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

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.

In a CNBC interview, US Treasury Secretary Scott Bessent offered fresh insight into how Washington is assessing the energy risks stemming from the escalating confrontation involving Iran and the broader Middle East.

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.

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.