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BNY’s Head of Markets Macro Strategy Bob Savage notes that Australian data and policy are central for the Australian Dollar (AUD), with February CPI seen as critical to validate current rate-hike pricing and a constructive AUD view.

The Canadian Dollar (CAD) trades higher against its major currency peers, but is marginally down to near 1.3735 against the US Dollar (USD) during the European trading session on Monday.

Rabobank strategists Michael Every, Florence Schmit and Joe DeLaura note that Brent crude has surged as Middle East conflict intensifies and the Strait of Hormuz remains effectively closed.

MUFG’s Senior Currency Analyst Lee Hardman reports that Gold and other precious metals are under pressure despite heightened geopolitical risks.

Deutsche Bank economists argue that the US is relatively shielded on growth from the current energy shock due to its net energy exporter status, but still faces a notable inflation impulse.

USD/KRW trades around 1,510.00 during the European hours after retreating from a 17-year high of 1,516.76 reached earlier on Monday. Heightened risk aversion triggered foreign outflows of 1.8 trillion Won, putting downward pressure on the South Korean Won (KRW).

Gold (XAU/USD) bounces off a technically significant 200-day Simple Moving Average (SMA) during the first half of the European session on Monday and trims a part of its heavy intraday losses to a four-month low.

Here is what you need to know on Monday, March 23:

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, extends its gains for the second successive session and is trading around 99.80 during the early European hours on Monday.

Danske Research Team points out that the Euro was the second-best performing G10 currency last week after the Norwegian Krone (NOK), despite elevated energy prices.