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Brown Brothers Harriman’s (BBH) Elias Haddad notes the Dollar is tactically supported by haven demand linked to shipping risks in the Strait of Hormuz, even as the bank stays cyclically neutral on USD.

The AUD/USD pair trades 0.5% higher to near 0.7015 during the early European trading session on Monday.

Commerzbank’s Volkmar Baur notes that despite higher energy prices, the Japanese Yen has only modestly weakened versus the Dollar and even gained slightly against the Euro.

DBS Group economist Philip Wee notes that the Australian Dollar is supported by hawkish domestic fundamentals but constrained by global risk aversion linked to the Iran War. Markets expect a back-to-back RBA hike to 4.10% on March 17, framed as an insurance move.

NZD/USD holds gains after four days of losses, trading around 0.5810 during the Asian hours on Monday. The pair remains firm as the New Zealand Dollar (NZD) gains support following the release of key economic data from China.

The Indian Rupee (INR) snaps four-day winning streak against the US Dollar (USD) on Monday. The USD/INR pair trades lower to near 92.70 as the Indian Rupee rebounds amid speculation that the Strait of Hormuz could reopen soon.

The United States (US) has started moving more than 2,000 marines from the Japanese island of Okinawa to the Middle East, soon after Washington began the redeployment of a missile defence system based in South Korea, the Guardian reported on Monday.  

Silver price (XAG/USD) is down 0.5% to near $80.00 in the late Asian trade on Monday. The white metal revisits the three-week low of around $78.00 during the day amid firm expectations that the Federal Reserve (Fed) will maintain a status quo in the monetary policy announcement on Wednesday.

Gold price (XAU/USD) steadies around $5,000 during the Asian session on Monday. However, the precious metal faced selling pressure as uncertainty surrounding the monetary policy announcement by major central banks this week is dominating the intense geopolitical conflict in the Middle East.

Amidst the closure of the Strait of Hormuz due to the ongoing war in the Middle East involving the United States (US), Israel, and Iran, Japan has started releasing oil from its energy reserves.