Oil prices rose yesterday amid rising tensions in the Middle East, continuing the strength seen at the end of last week, ING's commodity experts Ewa Manthey and Warren Patterson note.
West Texas Intermediate (WTI) US Crude Oil prices attract buyers for the third straight day on Tuesday and touch a fresh two-week high during the first half of the European session.
Chance for Pound Sterling (GBP) to break above 1.3000 vs US Dollar (USD); overbought conditions suggest it might not be able to maintain a foothold above this level.
US Dollar (USD) continues to trade near recent lows. DXY was last seen trading at 103.26 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Euro (EUR) continued to hold on to gains above 1.09 handle vs US Dollar (USD) on prospects of a peace deal in Ukraine, potential ECB pause (in Apr) and hopes of large German spending.
In its March economic forecasts, Switzerland’s State Secretariat for Economic Affairs (SECO) said that the “Swiss economy will grow by 1.4% in 2025.” Additional takeaways Sees 2025 GDP (sport event adjusted) growth at +1.4% (previous forecast was +1.5%).
Here is what you need to know on Tuesday, March 18: Gold benefits from escalating geopolitical tensions and trades at a new record-high above $3,000 early Tuesday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, recovers some lost ground to near 103.60 during the early European session on Tuesday.
Silver price (XAG/USD) extends its upside to around $33.90, its highest level since October 30, 2024, during the Asian trading hours on Tuesday, bolstered by the weaker US Dollar (USD).
The EUR/JPY cross attracts some follow-through buyers for the third straight day on Tuesday and climbs beyond a technically significant 200-day Simple Moving Average (SMA) during the Asian session.
Gold price (XAU/USD) scales higher for the second straight day – also marking its fifth day of a positive move in the previous six – and hits a fresh record high, around the $3,010 region during the Asian session on Tuesday.
The Indian Rupee (INR) softens on Tuesday. A rise in crude oil prices amid the escalating geopolitical tensions in the Middle East weighs on the local currency.
The USD/CAD pair edges higher during the Asian session on Tuesday and for now, seems to have snapped a two-day losing streak to over a one-week low, around the 1.4275 region touched the previous day.
Gold price (XAU/USD) surged to a record high of $3,005 per troy ounce during Asian trading hours on Tuesday, driven by strong safe-haven demand amid ongoing trade tariff uncertainty and geopolitical tensions.
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