Crude drives markets after roller‑coaster rise
Global markets were shaken over the past 24 hours, with crude oil experiencing its most volatile session on record after WTI crude traded in an incredible USD40 range.
The US benchmark swung from USD81 to USD119 before sharply reversing lower after US President Donald Trump said the war was “complete… pretty much.” He later added that the war would end soon, “but not this week.”
WTI crude fell back to USD89 per barrel, though price action remained highly volatile.
The fallout from Iran’s turmoil continues to unfold, with blocked oil deliveries through the Strait of Hormuz pushing prices higher each day.
Crude’s relentless climb is intensifying pressure on the global economy and fuelling fresh inflation concerns after Mojtaba Khamenei, the son of the late Ayatollah, was appointed Iran’s new supreme leader, a move that has already drawn threats from Israel.
Aussie outperforms as oil ends lower
The Australian dollar was the day’s best performer as the pullback in oil supported markets tied to global growth expectations. The AUD/USD finished 0.7% higher. Key downside levels sit at the 50‑day moving average of 0.6940, followed by the 100‑day at 0.6815.
The NZD/USD gained 0.6%.
European currencies under performed, while the USD/JPY was steady. The USD/SGD slipped 0.2%.
China inflation picks up
China’s consumer prices rose at a faster pace in February, with CPI climbing 1.3% year‑on‑year from 0.2% in January—well above the 0.8% forecast. Month‑on‑month, prices jumped 1.0% versus 0.2% previously.
At the factory level, producer prices narrowed their decline, with PPI falling 0.9% from a 1.4% drop in January and beating expectations for a sharper fall.
The data points to firmer domestic demand and waning deflationary pressure, reducing the need for heavy policy support while improving earnings visibility for consumer‑focused sectors.
The USD/CNH is up 1.4% from its late‑February low of 6.8267, with the next resistance near the 100‑day moving average at 6.9902.
Aussie best as oil reverses
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 9 – 14 March
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
