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Deutsche Bank previews the upcoming ECB meeting, arguing that policy is very likely to remain unchanged on 19 March despite heightened uncertainty from the Middle East conflict and higher energy prices.

The new Supreme Leader of Iran, Mojtaba Khamenei, issued his first statement, which was shared on Iranian TV. Khamenei said that attacks on neighboring bases will inevitably continue and that Iran will not refrain from avenging the blood of its martyrs.

In a Truth Social Post on Thursday, United States (US) President Donald Trump said that when Oil prices go up, as it has since he launched the war with Iran, the US benefits. Trump's biggest interest, however, is stopping Iran from having nuclear weapons.

The Euro (EUR) remains on the back foot against the US Dollar (USD) on Thursday, with EUR/USD extending losses for the third straight day as the escalating US-Iran war keeps the Greenback firmly bid.

Gold (XAU/USD) trades broadly flat on Thursday as a stronger US Dollar (USD) caps upside attempts, even as Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,155, after dipping to intraday lows near $5,125.

Royal Bank of Canada (RBC) economist Abbey Xu notes that Canada’s merchandise trade deficit widened sharply in January as both exports and imports declined.

DBS Group Research’s Eugene Leow notes that despite a planned release of strategic reserves and expectations of a short conflict, WTI Oil has pushed above $90 per barrel.

ING economists Carsten Brzeski and Franziska Biehl argue that rising Oil prices are quickly eroding Eurozone household purchasing power, especially via fuel.

ING strategists Warren Patterson and Ewa Manthey report LME Aluminium trading near four-year highs as Middle East conflict-driven supply risks support prices. Rising cancelled warrants and accelerating stock withdrawals point to growing physical tightness, particularly at Port Klang.

Gold (XAU/USD) recovers earlier losses and trades broadly flat on Thursday as a stronger US Dollar (USD) caps upside attempts, even as Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,170, rebounding from intraday lows near $5,125.