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Summary
The Australian dollar is stuck in a range for quite some time. While the RBA is not expected to move anytime soon, other events could shape the direction of the A$. China's fresh bout of growth ahead of the Party Congress could help the Australian dollar. On the other hand, worries about a potential bubble in Melbourne and Sydney weighs. And let's not forget about the US dollar. Donald Trump is always there to rock the greenback.
Watch full analysis: Europe Market Open: Some risk off trading in the wake of Q2
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EUR/USD hits fresh 2026 lows near 1.1570
EUR/USD adds to Monday’s heavy losses and reaches new yearly lows around 1.1570 on Tuesday. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment amid the deteriorating geopolitical landscape in the Middle East.
Oil meets initial resistance near $78.00/bbl
Crude oil has surged to levels not seen in over a year, trading near the $78.00 mark per barrel and edging closer to a potential test of the key $80.00 threshold. The sharp advance in WTI continues to draw support from escalating geopolitical tensions in the Middle East, the effective shutdown of shipping through the Strait of Hormuz, and mounting concerns over supply disruptions.
Gold meets buyers around $5,000, remains under pressure
Gold comes under renewed and marked selling pressure on Tuesday, dangerously approaching the critical $5,000 mark per troy ounce, reversing at the same time four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback and investors’ repricing of Fed rate cuts.
Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear
The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.
Energy shock 2.0: Why rising Gas prices could hit the Euro Premium
Even without a confirmed, sustained disruption, the mere risk to a key global energy chokepoint is enough to inject a significant premium into European Gas markets. And for the Euro, that matters.
Here is what you need to know on Tuesday, March 3:
The US Dollar continues to gather strength against its rivals following Monday's bullish action, with the USD Index fluctuating at its highest level since late January above 98.80 in the European morning on Tuesday. The European economic calendar will feature preliminary February Harmonized Index of Consumer Prices data later in the day. Nevertheless, market participants will remain focused on news surrounding the crisis in the Middle East and pay close attention to comments from central bankers.