MUFG’s Senior Currency Analyst Lee Hardman highlights that February nonfarm payrolls fell by 92k, reversing January’s gains and underscoring a still-weak underlying US labour trend.

Gold (XAU/USD) trims some intraday losses on Monday after coming under heavy selling pressure at the start of the week. The mild recovery comes as the US Dollar (USD) and Treasury yields ease somewhat from recent highs as markets digest shifting macro and geopolitical drivers.

ING’s Chris Turner notes that USD/JPY is back in Japan’s FX intervention zone as global shocks and Oil prices surge. He sees coordinated US–Japan action as unlikely but warns that any such move could knock USD/JPY down by several big figures.

Commerzbank’s Senior Economist Dr. Ralph Solveen notes that German industry remains weak, with January industrial orders dropping sharply after earlier distortions from big ticket defense and public-sector contracts.

Societe Generale’s Kenneth Broux highlights that soaring energy prices and Dutch gas strength are weighing on Euro sentiment, keeping EUR/USD under pressure. The bank notes that rate differentials are not driving the pair, with the focus instead on growth risks from higher Oil and gas.

Mexico Headline Inflation registered at 0.5% above expectations (0.43%) in February

Mexico 12-Month Inflation registered at 4.02% above expectations (3.94%) in February

Mexico Core Inflation registered at 0.46%, below expectations (0.47%) in February

The USD/INR pair looks all set for its lifetime highest closing at around 92.80 on Monday. The pair trades strongly higher as the Indian Rupee (INR) faces intense selling pressure amid war in the Middle East involving the United States (US), Iran, and Israel, which has spiked oil prices.

West Texas Intermediate (WTI) US Oil surges on Monday, trading around $100.70 per barrel at the time of writing, up 13.70% on the day after briefly jumping above $110 during the Asian session, its highest level since mid-2022.

DBS Group Research economist Philip Wee argues that the US Dollar’s traditional safe-haven role is being undermined as it failed to benefit from risk aversion despite higher Oil prices and geopolitical tensions.

Silver price (XAG/USD) claws back a majority of its early losses and recovers to near its opening price around $84.00 during the European trading session on Monday.

United Kingdom (UK) Prime Minister (PM) Keir Starmer said during European trading hours on Monday that the administration is in continuous talks with international partners about what more we can do to reduce the economic impact amid the ongoing war in the Middle East between the United States (US),

Deutsche Bank's Chief UK Economist Sanjay Raja outlines how the Bank of England and UK Government might respond to different energy-shock paths.

Eurozone Sentix Investor Confidence Index arrives at -3.1 in March from 4.2 in February.

Rabobank strategists Molly Schwartz and Jane Foley report that EUR net long positions have declined for a third consecutive week, driven by increased shorts.

Silver prices (XAG/USD) broadly unchanged on Monday, according to FXStreet data. Silver trades at $83.83 per troy ounce, broadly unchanged 0.08% from the $83.89 it cost on Friday.

National Bank of Canada (BoC) economists Alexandra Ducharme and Jocelyn Paquet interpret recent Bank of Canada communication as favouring policy flexibility in response to supply shocks.

Eurozone Sentix Investor Confidence: -3.1 (March) vs previous 4.2

MUFG’s Senior Currency Analyst Lee Hardman notes that the surge in Oil prices linked to the Middle East conflict is reinforcing US Dollar strength, especially versus high-yielding emerging market currencies.

Dow Jones futures fall 1.74% to trade below 46,700 during European hours ahead of the US regular market open on Monday. S&P 500 and Nasdaq 100 futures decline 1.61% and 1.75% to trade below 6,650 and 24,250 at the time of writing.

Gold (XAU/USD) maintains its offered tone just below the $5,100 mark through the first half of the European session, though it holds above a four-day low touched earlier this Monday.

Singapore Foreign Reserves (MoM) down to 416.1B in February from previous 417B

UOB’s Global Economics & Markets Research notes a major setback in the US jobs market in February, as Non-farm payrolls fell 92,000, the largest drop since October 2025.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, opened with a bullish gap and touched a fresh high since November 2025, around the 99.70 area, at the start of a new week.

Societe Generale analysts Michael Haigh and Ben Hoff say Brent has surged above $100/bbl as Middle East supply losses deepen and flows through the Strait of Hormuz largely cease. They estimate around 17 mb/d of supply is stranded, with most OPEC+ spare capacity trapped.

The Indian Rupee (INR) sinks to a fresh all-time low against the US Dollar (USD) on Monday, with the USD/INR pair surging to near 92.80.

The Pound Sterling is down 0.5% to near 1.3350 against the US Dollar (USD) during the European trading session on Monday.

ING’s Chris Turner highlights that strong support just below 1.1500 in EUR/USD is increasingly at risk as elevated Oil prices hurt Europe’s terms of trade. Despite narrowing US–eurozone rate differentials, he sees only limited upside on any IEA-driven relief rally.

Austria Trade Balance dipped from previous €-352M to €-1301M in December