The United States (US) Industrial Production rose 0.2% MoM in February versus the 0.7% advance from January. At the same time, Capacity Utilization stood at 76.3%, matching the revised figure from January, according to a Federal Reserve (Fed) report.

TD Securities’ Daniel Ghali warns Copper will increasingly need to draw from exchange warehouses as global deficits bite.

Societe Generale economists note Euro area industrial production fell sharply in January despite improving PMIs and German orders.

United States Industrial Production (MoM) registered at 0.2% above expectations (0.1%) in February

United States Capacity Utilization above expectations (76.2%) in February: Actual (76.3%)

ING’s Warren Patterson highlights that Oil markets are repricing for a longer disruption of flows through the Strait of Hormuz, with around 8m b/d of crude already shut in.

TD Securities’ Daniel Ghali notes persistent Chinese demand has kept the Shanghai arbitrage window open, supporting international Silver buying. Despite strong physical flows and CME warehouse draws, visible stocks remain ample relative to dealer shorts.

Gold (XAU/USD) trades broadly flat on Monday after reversing intraday losses as the US Dollar (USD) eases following its recent rally.

Rabobank’s Senior FX Strategist Jane Foley notes that the Swiss Franc has underperformed typical safe-haven expectations since the Middle East conflict began, partly due to the SNB’s intervention warnings.

Silver (XAG/USD) trades around $79.70 on Monday at the time of writing, down 1.12% on the day. The white metal is under pressure as investors adopt a cautious stance ahead of this week’s monetary policy announcements from major central banks, particularly the Federal Reserve (Fed).

Canada’s inflation cooled in February, with the Consumer Price Index (CPI) rising 1.8% from a year earlier, a touch below market expectations and easing from the 2.3% increase recorded in January. On a monthly basis, prices rose 0.5%.

Nordea economists Kjetil Olsen and Sara Midtgaard argue that much higher Norwegian inflation and an energy price shock will force Norges Bank to tighten further.

Canada Consumer Price Index - Core (MoM): 0.2% (February)

Canada Consumer Price Index (MoM) below forecasts (0.6%) in February: Actual (0.5%)

Canada Consumer Price Index (YoY) registered at 1.8%, below expectations (1.9%) in February

Canada BoC Consumer Price Index Core (MoM) increased to 0.4% in February from previous 0.2%

Canada BoC Consumer Price Index Core (YoY) down to 2.3% in February from previous 2.6%

United States NY Empire State Manufacturing Index below forecasts (3.2) in March: Actual (-0.2)

BNY’s Head of Markets Macro Strategy Bob Savage notes the Australian Dollar (AUD) is entering the Reserve Bank of Australia (RBA) meeting with one of the most hawkish policy profiles in the G10, yet without a surge in inflows.

In a CNBC interview, US Treasury Secretary Scott Bessent offered fresh insight into how Washington is assessing the energy risks stemming from the escalating confrontation involving Iran and the broader Middle East.

Canada Housing Starts s.a (YoY) came in at 250.9K below forecasts (252.5K) in February

Nomura economists expect the Riksbank to keep its policy rate at 1.75% on 19 March and unchanged through 2026.

DBS Group economist Philip Wee argues that the Fed enters its March 17–18 FOMC meeting caught between surging energy-driven inflation and weakening US growth. With GDP revised down and the Sahm Rule triggered, recession is now a baseline concern.

MUFG analysts Derek Halpenny and Lee Hardman observe that Japan has seen the smallest hawkish repricing among G10, with markets already pricing two Bank of Japan (BoJ) hikes but little additional tightening after the energy shock.

The Pound Sterling trades cautiously against its major currency peers, but 0.4% higher to near 1.3270 against the US Dollar (USD), during the European trading session on Monday.

Brown Brothers Harriman’s (BBH) Elias Haddad points out that USD/CAD slipped back below 1.3700 ahead of Canada’s February CPI release. Consensus expects headline inflation to fall on base effects, leaving core near mid-2% levels.

Commerzbank economists highlight that markets now price a more proactive ECB stance, with €STR forwards discounting at least one 25 basis point hike by July and nearly two by year-end, even as growth risks rise.

TD Securities analysts expect Canadian headline CPI to slow to 1.9% year-on-year in February, with softer core measures leaving inflation below Bank of Canada projections. However, they stress that this softer path matters less near term given Iranian conflict–driven Oil upside.

West Texas Intermediate (WTI), futures on NYMEX, trade slightly lower to near $98.00 during the European trading session on Monday.

EUR/JPY trades around 182.40 on Monday at the time of writing, virtually unchanged on the day after two consecutive days of decline. The cross stabilizes as the Euro (EUR) finds some support against its major peers.