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Gold (XAU/USD) trades under pressure on Thursday as a stronger US Dollar (USD) and rising Treasury yields cap upside attempts. At the time of writing, XAU/USD trades around $5,125, down nearly 1% on the day.

HSBC stresses stable income as crucial in the current environment and maintains bonds as a core portfolio component.

TD Securities strategist Pooja Kumra highlights that markets are focused on the Strait of Hormuz and Iran conflict scenarios, with prediction markets assigning only modest odds to a ceasefire by April 2026.

Nomura analysts expect the ECB to keep the depo rate at 2.00% on 19 March and avoid a knee-jerk response to the Iran conflict.

A Reuters poll released on March 12 shows that economists are expecting the Bank of England (BoE) to keep interest rates on hold at its next meeting in March.

HSBC sees global and US equities supported by strong earnings momentum linked to AI adoption, fiscal spending and a positive cyclical backdrop.

Rabobank’s Senior FX Strategist Jane Foley highlights that AUD/JPY has surged to its highest level since 1990, supported by Australia’s status as a net energy exporter and speculation about further RBA rate hikes.

AUD/USD trades lower on Thursday at around 0.7095 at the time of writing, down 0.83% on the day, after reaching its highest level since June 2022 near 0.7185 on Wednesday. The pullback mainly reflects renewed demand for the US Dollar (USD) as investors turn more cautious.

BNY strategist Geoff Yu argues that Brazil and the Brazilian Real (BRL) currently underpin Latin American resilience to global shocks thanks to commodities and high real rates.

ING’s James Knightley says February US inflation was contained before the Iran military action, with core and goods prices showing limited tariff pass-through.