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Commerzbank’s Thu Lan Nguyen argues that in the short term EUR/USD gains are capped as markets may be overestimating the European Central Bank's (ECB) reaction to the latest inflation shock.

The AUD/JPY cross loses ground near 113.65 during the early European session on Monday. Renewed tensions between the United States (US) and Iran provide some support to a safe-haven currency such as the Japanese Yen (JPY) against the Aussie.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on its bullish gap opening, though it sticks to modest intraday gains through the Asian session on Monday.

The Indian Rupee (INR) opens lower against the US Dollar (USD) at the start of the week. The USD/INR jumps to near 92.80 as renewed tensions between the United States (US) and Iran have lifted the oil prices and offered support to the US Dollar (USD).

Gold prices fell in India on Monday, according to data compiled by FXStreet.

EUR/JPY gains ground after registering nearly 0.5% losses the previous trading day, hovering around 186.80 during Asian hours on Monday. The technical analysis of the daily chart indicates the currency cross is trending higher within an ascending channel, signaling a persistent bullish bias.

Oil prices climbed sharply in early Asian trade on Monday, as the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade. The seizure reignited fears of a major escalation in the conflict and a prolonged disruption in the Strait of Hormuz. At the time of writing, West

Asian equities rise on Monday despite renewed hostilities in the Strait of Hormuz, which pushed oil prices sharply higher, amplifying inflation concerns and increasing the chances of further central bank rate hikes.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.30 during the Asian trading hours on Monday. The DXY trades with mild gains on renewed US-Iran tensions.

Silver price (XAG/USD) pares its daily losses, trading around $80.50 per troy ounce during the Asian hours on Monday.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $86.70 during the Asian trading hours on Monday. The WTI price rises on renewed tensions between the United States (US) and Iran in the Strait of Hormuz.

The USD/CAD pair attracts some dip-buyers following a modest bearish gap opening on Monday and retakes the 1.3700 mark during the Asian session.

Gold price (XAU/USD) slumps to around $4,775 during the early Asian session on Monday. Traders digest renewed tensions between the United States (US) and Iran over the critical Strait of Hormuz.

In a “perilous position,” the Platts Dubai benchmark used to price around 18 million barrels per day, nearly a fifth of global supply, is now severely strained by the halt in exports through the Strait of Hormuz. According to Reuters, with most cargoes having been unable to move safely through the c