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The Indian Rupee (INR) extends its downfall against the US Dollar (USD) at the start of the holiday-shortened week. Indian markets will remain closed on Thursday due to Shri Ram Navami.

ING strategist Francesco Pesole highlights that aggressive repricing of European Central Bank tightening, with three hikes now fully priced, may have gone too far.

Silver prices (XAG/USD) fell on Monday, according to FXStreet data. Silver trades at $64.58 per troy ounce, down 4.82% from the $67.85 it cost on Friday.

The EUR/USD pair weakens as the US Dollar (USD) trades higher due to escalating Middle East conflicts, trading 0.3% lower to near 1.1535 during the European trading session on Monday.

Societe Generale economists argue that Oil demand remains structurally inelastic despite sharp price gains. They estimate short‑run crude demand elasticity at –0.024, implying around 1.2 mb/d of lost demand so far, and warn that a move toward $150/bbl could destroy up to 2.7 mb/d of consumption.

Francesco Pesole at ING expects Japan’s CPI to slow further due to subsidies, though core‑core inflation should stay above 2%, keeping the Bank of Japan (BoJ) cautious about ruling out further hikes.

The Indian Rupee (INR) extends its downfall against the US Dollar (USD) at the start of the holiday-shortened week. Indian markets will remain closed on Thursday due to Shri Ram Navami.

Commerzbank’s Michael Pfister highlights that the Pound has held up despite a weak UK real economy, persistent inflation and strained public finances, helped by reduced political risk and aggressive Bank of England (BoE) repricing from cuts to multiple hikes.

Silver price (XAG/USD) continues its losing streak for the fifth consecutive day, down by nearly 5%, and is trading around $64.60 per troy ounce during the European hours on Monday.

DBS Group Research economist Philip Weeargues that although risk aversion from the Iran conflict usually supports the Dollar, this time the USD’s haven appeal may prove short-lived. He points to a Fed pause versus G10 rate hikes and pressure on US Treasuries from rising fiscal concerns.