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Gold price (XAU/USD) loses ground for the fourth successive session, hovering around $5,000 per troy ounce during the European hours on Monday.

Commerzbank’s Michael Pfister argues the Canadian Dollar has started to benefit from higher Oil prices, but structural headwinds and close linkage to the US Dollar limit outperformance.

Deutsche Bank economists expect the Federal Reserve to keep rates unchanged at this week’s meeting, emphasising elevated geopolitical uncertainty and oil-driven inflation risks.

The EUR/USD pair surrenders a majority of its early gains and flattens around 1.1415 during European trading hours on Monday. The major currency pair falls back as the US Dollar (USD) recovers half of its early losses.

ING’s Chris Turner notes that EUR/USD has found support near 1.1390/1.1400 after a sharp 3% decline, but elevated Oil prices and heavy net Euro longs still pose downside risks.

Standard Chartered’s Ethan Lester and Madhur Jha analyse how higher Oil prices can quickly lift global food inflation via fertiliser costs and trade bottlenecks. They note that food’s share in CPI baskets, import intensity and dietary patterns will shape country outcomes.

Societe Generale economists note that EUR/GBP has slipped below its 200‑DMA and is testing the February low near 0.8610, which may offer interim support.

Nomura economists expect the SNB to keep its policy rate at 0.00% on 19 March and for the foreseeable future.

DBS Group economist Philip Wee warns that USD/JPY is nearing the 160 level, raising intervention risks as Japan and South Korea step up verbal defence of their currencies. Tokyo is in closer contact with US authorities, and a surprise BOJ rate hike on March 19 cannot be ruled out.

ING’s Warren Patterson and Ewa Manthey report that Aluminium Bahrain has begun a phased shutdown equal to about 19% of its capacity due to Strait of Hormuz disruptions.