Here’s a brief overview for Monday, March 16th.
Crude oil prices began on a high note but then saw a gradual decline, while the United States dollar (USD) index managed to regain some ground after a more than 1.5% rise the previous week. Statistics Canada is set to publish the consumer price index (CPI) for February later today. The U.S. also has the New York Empire State Manufacturing Index for March and industrial production figures for February lined up on its economic schedule. This week, several central banks including the Reserve Bank of Australia (RBA), Bank of Canada (BoC), Federal Reserve Bank (FRB), European Central Bank (ECB), Bank of England (BoE), and Bank of Japan (BoJ) will hold policy meetings.
USD price for the past 7 days
The table below illustrates the percentage change of the US dollar (USD) against major currencies over the last week. Notably, the dollar was strongest against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.02% | 0.70% | 0.73% | 0.84% | -0.46% | 1.02% | 1.51% | |
| EUR | -1.02% | -0.34% | -0.27% | -0.20% | -1.49% | -0.03% | 0.47% | |
| GBP | -0.70% | 0.34% | 0.08% | 0.14% | -1.16% | 0.31% | 0.80% | |
| JPY | -0.73% | 0.27% | -0.08% | 0.13% | -1.17% | 0.30% | 0.78% | |
| CAD | -0.84% | 0.20% | -0.14% | -0.13% | -1.31% | 0.17% | 0.66% | |
| AUD | 0.46% | 1.49% | 1.16% | 1.17% | 1.31% | 1.49% | 1.98% | |
| NZD | -1.02% | 0.03% | -0.31% | -0.30% | -0.17% | -1.49% | 0.49% | |
| CHF | -1.51% | -0.47% | -0.80% | -0.78% | -0.66% | -1.98% | -0.49% |
The heat map illustrates changes in the major currencies. Selecting USD from the left column and JPY from the top row indicates how USD is performing against the Yen.
This weekend, U.S. military forces targeted Kharg Island, Iran’s vital outpost in the Persian Gulf, sending a stern message about potential strikes on its oil infrastructure if Tehran hinders naval operations in the Strait of Hormuz. President Trump also urged allies to join efforts in securing the Strait, with reports suggesting that the White House is coordinating a coalition to safeguard maritime traffic.
European Union foreign ministers are considering a naval response to the perceived blockade in the Strait of Hormuz. Britain is reportedly preparing to deploy minesweeping drones to ensure the uninterrupted flow of oil. Meanwhile, Japanese Prime Minister Sanae Takaichi mentioned that Japan is looking into protection measures for its vessels in the region, although there are no immediate plans to send naval forces.
US Energy Secretary Chris Wright expressed optimism that the conflict might resolve soon, predicting a restoration of oil supplies and a subsequent decrease in prices. The price of West Texas Intermediate (WTI) crude began the week with a slight uptick, reaching near $100 before slipping back towards $98.
The U.S. dollar index peaked above 100.50 on Friday, its highest level since May, and was hovering around 100.30 in early trading.
Gold (XAU/USD) saw a nearly 3% drop last week, falling under $4,970 in early Asian trading—a low not seen in almost a month. However, it managed to bounce back during the European morning, trading just above $5,000.
EUR/USD has regained some ground after last week’s losses, climbing back towards 1.1450.
GBP/USD showed slight daily gains, trading around 1.3250 in the early European session.
AUD/USD gained early momentum, moving above 0.7000 and rising more than 0.5% for the day, as anticipation grows for a potential 25 basis point hike to 4.1% from the RBA after its meeting in March.
USD/JPY rose more than 1% last week, marking the fourth consecutive week of gains, but saw a correction, trading below 159.50 in early European trading. Japanese Finance Minister Satsuki Katayama commented that officials are ready to take decisive action regarding currency matters.
