Trading news

China’s Retail Sales rose 2.8% year-over-year (YoY) in February vs. 2.5% expected and 0.9% in January, the latest data released by the National Bureau of Statistics (NBS) showed Monday.

China Fixed Asset Investment (YTD) (YoY) came in at 1.8%, above forecasts (-0.4%) in February

China Retail Sales (YoY) came in at 2.8%, above forecasts (2.5%) in February

China Industrial Production (YoY) came in at 6.3%, above expectations (5.1%) in February

Japanese Prime Minister (PM) Sanae Takaichi said on Monday that “Japan has no plan currently to dispatch its navy to the Middle East to escort vessels.”

China House Price Index down to -3.2% in February from previous -3.1%

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, retreats after touching a near 10-month high of 100.54 in the previous session, trading around 100.20 during Asian hours on Monday.

West Texas Intermediate (WTI) Crude Oil prices retreated from the vicinity of the $100.00 psychological mark, or a one-week high touched during the Asian session on Monday.

On Monday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9057 compared to last Friday's fix of 6.9007 and 6.9061 Reuters estimate.

The United Kingdom (UK) plans to send minesweeping drones to the Strait of Hormuz in an attempt to allow the flow of oil exports to resume, the Guardian reported on Sunday.

Japan’s Finance Minister Satsuki Katayama said on Monday that officials were prepared to take decisive steps on foreign exchange. Policymakers declined to comment on specific currency levels.

GBP/USD inches higher after four days of losses, trading around 1.3260 during the Asian hours on Monday.

The USD/CAD pair trades in negative territory around 1.3710 during the early Asian trading hours on Monday. Traders will closely monitor the situation in the Middle East.

Silver (XAG/USD) stages a modest recovery from a nearly two-week low, around the $78.35 region touched during the Asian session on Monday, and climbs back above the $81.00 mark in the last hour.

US President Donald Trump said on Monday that he is discussing with other countries about policing the Strait of Hormuz, adding that Israel is collaborating with the US on securing the vital shipping route.

United Kingdom Rightmove House Price Index (YoY) fell from previous 0% to -0.2% in March

United Kingdom Rightmove House Price Index (MoM) climbed from previous 0% to 0.8% in March

European Union (EU) foreign ministers are meeting in Brussels to debate a potential naval response to the effective closure of the Strait of Hormuz. 

Gold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran. 

The EUR/USD pair remains on the defensive around 1.1430 during the early Asian session on Monday. However, the potential upside for the major pair might be limited as escalating Middle East tensions could boost safe-haven flows.