Daily market news

ING’s Chris Turner reports that EUR/USD held the 1.1500 level despite pressure, with options markets not positioning for a major downside break. He notes that the energy shock has driven a stronger repricing of Euro and Pound rates than US rates, potentially narrowing EUR:USD swap differentials.

GBP/USD extends its gains for the third successive session, trading around 1.3480 during the early European hours on Tuesday.

Here is what you need to know on Tuesday, March 10:

The EUR/USD pair edges lower to around 1.1615 during the early European session on Tuesday. Concerns over oil flow disruptions through the Strait of Hormuz boost the US Dollar (USD) as a safe-haven and create a headwind for the major pair. 

The EUR/JPY cross loses traction to around 183.20 during the early European session on Tuesday. The Japanese Yen (JPY) strengthens against the Euro (EUR) as escalating conflict in the Middle East boosts safe-haven demand. 

Silver (XAG/USD) attracts some buyers in Tuesday’s early European trading hours. The white metal currently trades around $88.00, up 1.20% for the day, after facing a volatile session at the start of a new week.

The NZD/USD pair attracts some sellers during the Asian session on Tuesday and erodes a part of the previous day's goodish recovery gains from levels just below mid-0.5800s.

The General Administration of Customs will publish its data for February on Tuesday at 03.00 GMT. Trade balance is expected to widen to $179.60B in February, compared to $114.10B in the previous reading.

AUD/USD jumped about 0.8% on Monday, closing just shy of 0.7100 in a session that erased a large portion of last week's pullback.