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.

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.

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.

The Eurozone Sentix Investor Confidence Index arrives -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.

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

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.

EUR/GBP inches higher after two days of losses, trading around 0.8670 during the European hours on Monday. The currency cross remains stronger following the release of German Factory and Industrial Production data. Eurozone’s Sentix Investor Confidence will be eyed later in the day.

Rabobank analysts Molly Schwartz and Christian Lawrence argue that heightened geopolitical risk from the war in Iran has reinforced safe-haven demand for the Dollar, keeping USD/CAD supported even as the US–Canada rate differential is projected to narrow to 75bp by end-2026.

The EUR/USD pair holds onto Asian trade losses around 1.1540 during the European trading session on Monday. The major currency pair is under severe pressure as demand for riskier assets remains weak due to the intensified war in the Middle East involving the United States (US), Israel, and Iran.

The AUD/USD pair attracts some buyers in the vicinity of mid-0.6900s, or a four-day low touched earlier this Monday, and fills the weekly bearish gap heading into the European session.

USD/CAD continues to lose ground for the second successive session, trading around 1.3550 during the early European hours on Monday. The technical analysis of the daily chart shows the pair remains within the descending channel pattern, suggesting a persistent bearish bias.

The AUD/JPY cross holds positive ground near 111.05 during the early European trading hours on Monday. The stronger-than-expected Chinese economic data provide some support to the China-proxy Aussie.

The Japanese Yen (JPY) underperforms against its major currency peers, except the Euro (EUR) and the Pound Sterling (GBP), is down 0.4% to near 158.50 during the early European trading session on Monday.

The Indian Rupee (INR) sinks to a fresh all-time low against the US Dollar (USD) in the opening trade on Monday.

Silver price (XAG/USD) tumbles to near $82.80 during the early European session on Monday. A strengthening US Dollar (USD) and fading expectations for Federal Reserve (Fed) rate cuts exert some selling pressure on the white metal. 

The NZD/USD pair recovers a few pips from a four-day low, around the 0.5845 area touched during the Asian session, and fills a part of the weekly bearish gap opening on Monday.

GBP/USD depreciates after registering modest gains in the previous session, trading around 1.3300 during the Asian hours on Monday. The pair weakens as the US Dollar (USD) gains on safe-haven demand amid escalating Iran war with no clear resolution in sight.

The EUR/JPY cross trades in negative territory near 182.95 during the early European session on Monday. The Japanese Yen (JPY) edges higher against the Euro (EUR) on escalating conflict in the Middle East. The German January Industrial Production data is due later on Monday.

EUR/USD edges higher after registering little gains in the previous session, trading around 1.1520 during the Asian hours on Monday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

The AUD/CAD pair is down over 0.5% to near 0.9485 during the Asian trading session on Monday. The cross faces intense selling pressure as the Canadian Dollar (CAD) performs strongly due to surging oil prices amid war in the Middle East that involves the United States (US), Israel, and Iran.

The AUD/USD pair trades 0.65% lower to near 0.6985 during the Asian trading session on Monday. The Aussie pair faces intense selling pressure as risky assets are facing the heat of boiling oil prices, escalating war in the Middle East that involves the United States (US), Israel, and IRAN.

USD/CHF has recovered its recent losses from the previous session, trading around 0.7820 during the Asian hours on Monday. The pair appreciates as the Greenback benefits from its "twin status as a safe-haven and energy exporter.

The USD/CAD pair rebounds from the vicinity of mid-1.3500s, or a nearly one-month low touched during the Asian session on Monday, though it lacks follow-through buying.

The NZD/USD pair faces some selling pressure to near 0.5865 during the early Asian session on Monday. The US Dollar (USD) strengthens against the New Zealand Dollar (NZD) as the US-Israeli war with Iran shows no sign of resolution, boosting safe-haven demand. 

USD/JPY extends its winning streak for the third successive session, trading around 158.60 during the Asian hours on Monday. The pair rises as the US Dollar (USD) gains on safe-haven demand. The Iran war has entered its second week with no clear resolution in sight.

On Monday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9158 compared to the previous day's fix of 6.9025.

The EUR/USD pair opens with a bearish gap at the start of a new week and dives to a fresh low since November 2025, around the 1.1520-1.1515 region, during the Asian session. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices remains to the downside.

The GBP/USD pair attracts some sellers to near 1.3300 during the early Asian session on Monday. Escalating hostilities in the Middle East boost a safe-haven currency such as the US Dollar (USD) against the Pound Sterling (GBP).