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BNY’s Head of Markets Macro Strategy Bob Savage notes that several current-account-surplus economies, including the Euro area, face renewed pressure from higher energy costs.

Nomura economists expect the Bank of England to keep rates on hold next week, highlighting that $100 Oil could add about 0.6 percentage points to UK CPI via fuel costs.

TD Securities, led by Robert Both and colleagues, expects the Bank of Canada to leave the policy rate at 2.25% in March.

Royal Bank of Canada (RBC) economist Claire Fan notes that February’s Canadian labour market data were weak, with employment falling and the unemployment rate rising to 6.7% as participation declined. She highlights that volatile monthly data are being distorted by slower population growth.

AUD/USD trades lower on Friday at around 0.7040 at the time of writing, down 0.46% on the day, after hitting a multi-year high at 0.7187 earlier in the week. The pullback comes as the US Dollar (USD) strengthens and risk sentiment deteriorates across financial markets.

Nordea strategists Ole Håkon Eek-Nielsen and Jan von Gerich argue the Federal Reserve is unlikely to cut rates and could even face pressure to hike as a potential energy shock lifts inflation risks.

Statistics Canada will release its Labour Force Survey on Friday, and market participants expect a modest uptick in job creation in February, with the Employment Change foreseen at 10K following the -24.8K in the previous month.

MUFG’s Head of Research Derek Halpenny notes the US Dollar has broken above the 100 level on DXY and pushed USD/JPY to fresh year-to-date highs, with Oil stabilizing near USD 100.

NZD/USD extends its decline on Friday, trading around 0.5820 at the time of writing and down 0.58% on the day. The pair records a fourth consecutive daily loss as the US Dollar (USD) strengthens amid rising geopolitical tensions and renewed inflation concerns.

Brown Brothers Harriman’s (BBH) Elias Haddad reports that GBP/USD has dropped below 1.3300 and remains vulnerable after UK GDP unexpectedly stalled in January. Zero monthly growth leaves output below the Bank of England’s Q1 projection.