Article details
Crude oil prices rose at the start of the session, dampening risk appetite and weighing on US equities while boosting Treasury yields and the USD. G7 officials are set to discuss coordinated oil reserve releases to alleviate supply concerns, though the Trump administration has ruled out SPR interventions. The Federal Reserve remains in a blackout period ahead of its March 18 meeting, with policymakers focused on balancing inflation risks from energy costs against potential growth slowdowns. Technically, EUR/USD hit a yearly low at 1.1508, with key support at 1.1490 and resistance at 1.1554-1.1576. USD/JPY tested January’s swing zone at 158.89, nearing the critical 159.216 level, while GBP/USD rebounded above the 100-hour MA at 1.33436 after testing a key support zone. Market participants are closely watching the G7 meeting and Fed’s policy stance for potential catalysts amid mixed signals from energy prices and economic data.
