TD Securities expects Norges Bank to keep its policy rate unchanged at 4.00%, noting stubbornly sticky inflation and risks of re-acceleration after the Middle East crisis and energy price shock.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that AUD/USD is trading near the lower end of its recent 0.6900–0.7200 range. February inflation was slightly softer than expected, but Haddad expects Australian price pressures to accelerate as higher energy costs feed through.

ABN AMRO economists revise their Eurozone outlook after the Iran-related energy shock, expecting weaker growth but notably higher inflation. They now see the European Central Bank (ECB) hiking twice in Q2, front‑loading tightening to prevent second‑round effects.

ING’s James Smith outlines scenarios for UK inflation, with current energy prices implying a brief 4% peak in autumn and ING’s base case of easing disruption pointing to a 3.5% peak in September.

Commerzbank’s Chief Economist Dr. Jörg Krämer warns that the sharp March drop in the German Ifo Business Climate Index reflects rising war-related risks rather than current damage.

Bank of England Monetary Policy Committee member Megan Greene said on Wednesday that if their inflation forecasts are right, there is a risk inflation expectations will rise, per Reuters.

Citing informed sources on the matter, Iran's Fars news agency reported on Wednesday that Tehran doesn't see truce and talks as viable in current conditions, despite the United States' increased efforts to establish a ceasefire and begin direct negotiations.

Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD is challenging resistance at its 200-day moving average near 1.3434 as UK inflation remains well above the Bank of England's (BoE) 2% target.

Canada Employment Insurance Beneficiaries Change (MoM) declined to -1.9% in January from previous 0.4%

Gold (XAU/USD) extends its recovery on Wednesday after falling to four-month lows earlier this week, as early buyers step in following a sharp selloff.

United States Import Price Index (YoY) increased to 1.3% in February from previous -0.1%

United States Export Price Index (YoY): 3.5% (February) vs 2.6%

United States Current Account above expectations ($-211B) in 4Q: Actual ($-190.7B)

United States Export Price Index (MoM) registered at 1.5% above expectations (0.5%) in February

United States Import Price Index (MoM) above expectations (0.5%) in February: Actual (1.3%)

BNY’s Head of Markets Macro Strategy Bob Savage highlights stronger Japanese activity data, with the Economic Trend Index and machine tool orders pointing to a bottoming-out in growth.

TD Securities strategist Andrew Kelvin notes that the Bank of Canada (BoC) is stressing downside risks to growth and appears willing to look through an energy-driven inflation shock.

ING strategists Ewa Manthey and Warren Patterson report Gold has extended gains above $4,600 as it rebounds from a nine‑day losing streak.

EUR/GBP trades around 0.8650 on Wednesday, slightly lower on the day, as investors weigh rising inflation risks in the Eurozone against mixed macroeconomic signals from the United Kingdom (UK) and Germany.

Nomura analysts note that markets currently price around three rate hikes for the European Central Bank (ECB) by December 2026, implying a similar response to the Iran war energy shock as the Bank of England (BoE).

Deutsche Bank economist Marc Schattenberg notes that the ifo Business Climate Index deteriorated in March as German businesses turned more pessimistic on expectations, while their assessment of current conditions was unchanged.

India M3 Money Supply dipped from previous 11.5% to 10.7% in March 2

Commerzbank’s Dr. Henry Hao and Moses Lim note India's flash March PMIs point to growth moderation rather than a sharp slowdown, as manufacturing softens but external demand stays resilient.

ING’s Chris Turner argues it is premature to expect a sustained Dollar sell-off as Middle East tensions keep energy prices elevated and support safe-haven demand.

United States MBA Mortgage Applications climbed from previous -10.9% to -10.5% in March 20

The EUR/USD pair trades broadly sideways around 1.1600 during the European trading session on Wednesday. The major currency pair consolidates as investors await Iran’s response to United States (US) President Donald Trump’s proposals of a month-long ceasefire and 15-point settlement plan.

Citing a source, who asked not to be named, Reuters reported on Wednesday that Pakistan has delivered the United States' proposal to Iran.

TD Securities notes that President Lagarde used the ECB and Its Watchers conference to outline how the Governing Council is assessing the Middle East conflict shock. The bank says the ECB is effectively playing for time, watching selling price expectations and wage trackers.

Nomura’s Global Markets Research team notes UK CPI inflation held at 3.0% year-on-year in February, matching Bank of England (BoE) forecasts. Services inflation stayed sticky, but core measures eased slightly.

The Indian Rupee (INR) holds slight early gains against the US Dollar (USD) on Wednesday, with the USD/INR pair retracing to near 94.30 from the lifetime high of 94.75 posted the previous day.