USD/JPY: Gopher gains ground ahead of Fed decision as inflation pressure builds.USD/JPY: Gopher gains ground ahead of Fed decision as inflation pressure builds

Natural Gas Price Analysis – Still Too Much Supply.As long as the Americans continue to produce record high amounts of natural gas, it will be difficult for the market to gain much. Any rally will more likely than not be due to a short-term headline shock.

Crude Oil Price Analysis – Crude Continues to Levitate.Crude oil markets continue to see a bit of volatility, moving on the latest headlines coming out of the Middle East and the war in general.

Bank of Canada Holds as Expected, Highlights Risks are Tilted to the Downside.The Opening Statement made clear that uncertainty is higher than before as the “war in Iran has added a new layer of uncertainty”. The total impact of the shock is uncertain but “how long the conflict lasts and the extent to which it spreads across the Middle East” are two key factors that were cited.

USD/JPY, USD/CHF and USD/MXN Forecasts – Dollar Rising Ahead of Fed Announcements.The US dollar will be in focus on Wednesday as we wait for the Federal Reserve.

Fed: Powell set to delay cuts – ING.Fed: Powell set to delay cuts – ING

Morning Market Check – Energy infrastructures attacked in Iran, Bank of Canada holds rates, & US PPI.Bank of Canada holds rates, WTI Crude Oil explodes higher and PPI marks yet another increase – Check out morning reactions and a few key charts ahead of today's FOMC event.

BoC holds at 2.25%, flags growth risks despite rising energy inflation.The Bank of Canada left its overnight rate unchanged at 2.25% as widely expected, but the accompanying statement struck a cautious tone, emphasizing downside risks to growth even as inflation risks rise due to higher energy prices. Policymakers acknowledged that uncertainty remains elevated, particularly around US trade policy and the unfolding Middle East conflict.

USD: Fed signal watched as inflation shock looms – BBH.USD: Fed signal watched as inflation shock looms – BBH

Canada BoC Interest Rate Decision meets forecasts (2.25%).Canada BoC Interest Rate Decision meets forecasts (2.25%)

Calm Breaks as Oil Spike and Inflation Shock Hit Markets Ahead of Fed.Markets traded in a subdued tone through most of the day, with investors largely sidelined ahead of the Federal Reserve's policy decision. That calm was abruptly shattered as the US session began, with a sharp deterioration in risk sentiment accompanied by a broad rebound in Dollar and a selloff in equity futures.

Copper: Inventory surge weighs on prices – ING.Copper: Inventory surge weighs on prices – ING

EUR/JPY trades sideways as ECB, BoJ policy decisions loom.EUR/JPY trades sideways as ECB, BoJ policy decisions loom

EM FX: Real rate support limits selling – BNY.EM FX: Real rate support limits selling – BNY

US headline Producer Prices rose by 3.4% YoY in February.US headline Producer Prices rose by 3.4% YoY in February

US PPI jumps 0.7% mom, services and goods both rise.US producer prices surprised to the upside in February, with PPI rising 0.7% mom, more than double expectations of 0.3% mom. The annual rate accelerated to 3.4% yoy from 2.9% yoy, marking the strongest pace since February 2025 and reinforcing signs that upstream inflation pressures are re-emerging.

The USD moved higher after stronger PPI data..Producer prices came in hotter than expected, reinforcing the recent shift toward a more inflation-conscious narrative. Headline PPI rose 0.7% MoM versus 0.3% expected, while the year-over-year rate accelerated to 3.4% (vs 2.9% expected).

USD/JPY: Verbal warnings precede key support test – DBS.USD/JPY: Verbal warnings precede key support test – DBS

US Dollar Index (DXY) Analysis: FX Markets Await Central Bank Decisions.Today, the focus for FX traders is on the Federal Reserve: at 21:00 GMT+3, the FOMC will announce its interest rate decision (rates are expected to remain unchanged), followed by a press conference with Fed Chair Jerome Powell half an hour later.

USD: Safe haven flows hold into FOMC – BNY.USD: Safe haven flows hold into FOMC – BNY

investingLive European markets wrap: Tentative mood with eyes on Middle East, FOMC meeting.The Strait of Hormuz remains shut for business and the only positive news for energy markets was that we did see a major breakthrough with the reopening of the Iraq-Turkey Pipeline (ITP). That being said, it is a mere drop in the bucket of water in terms of compensating for the loss of oil exports from the Hormuz blockade.

Crude Oil Price Outlook: Strait of Hormuz Scenario Analysis.WTI and Brent continue to trade within the $90–$100 range, supported by IEA and Russian supply alternatives, while maintaining upside risks for inflation as tensions around energy infrastructure and the Strait of Hormuz persist.

USD: Hawkish Fed risk supports Dollar – Societe Generale.USD: Hawkish Fed risk supports Dollar – Societe Generale

US index futures test key recovery pivots ahead of Fed rate decision.US index futures test key recovery pivots ahead of Fed rate decision

Pound Sterling trades flat ahead of Fed-BoE policy, UK labor market data.Pound Sterling trades flat ahead of Fed-BoE policy, UK labor market data

BoJ meeting preview: Balancing act between growth and inflation as USD/JPY approaches 159.45/161.95 key intervention risk zone.The Bank of Japan is expected to hold rates at 0.75% as it navigates stagflation risks driven by the US–Iran war 2026. Despite weak sentiment reflected in the Nikkei 225, rising wages support a tightening bias.

South Africa Retail Sales (YoY) came in at 4.2%, above forecasts (2.5%) in January.South Africa Retail Sales (YoY) came in at 4.2%, above forecasts (2.5%) in January

United States MBA Mortgage Applications fell from previous 3.2% to -10.9% in March 13.United States MBA Mortgage Applications fell from previous 3.2% to -10.9% in March 13

Hope Lifts Risk Appetites Ahead of the Bank of Canada and FOMC Meetings.There are three main talking points today. The first is the war.

Fed plot unfolds.What matters in U.S. and global markets today