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Dow Jones futures gain 0.33% to trade near 46,750 during European hours ahead of the US regular market open on Monday. S&P 500 and Nasdaq 100 futures rise 0.49% and 0.51% to trade around 6,670 and 24,520 at the time of writing.

HSBC argues that recent Middle East tensions and “safe haven” demand have lifted the Dollar, helped by short USD covering and tighter US financial conditions.

A report by Bloomberg showed during European trade on Monday that a key port of Fujairah in the United Arab Emirates (UAE) was hit by a drone, the latest in a series of strikes threatening the country’s only export route outside the Strait of Hormuz.

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.

Rabobank’s Senior Market Strategist Ben Picton notes Brent crude is firmer as markets react to US strikes on Iranian military assets near key export infrastructure on Kharg Island and renewed regional attacks on Oil assets.

The Canadian Dollar (CAD) underperforms its major currency peers and trades flat against the US Dollar (USD) at around 1.3720 in the early European trade on Monday. The CAD faces selling pressure as the labor market data for February showed that employers fired workers again.

The AUD/JPY cross trades in positive territory around 111.70 during the early European session on Monday. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran, a scenario that typically boosts the demand for safe-haven assets.

Here is what you need to know on Monday, March 16:

Societe Generale economists expect the ECB to keep policy unchanged this week while sounding hawkish as it evaluates the recent Oil price surge.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.85 during the early European trading hours on Monday. The WTI price climbs as the US President Donald Trump administration weighs military strikes on OPEC member Iran’s key oil export facilities on Kharg Island.