A temporary ceasefire in the Middle East eased immediate pressure on energy supply routes and reduced demand for defensive assets, leading the US dollar to soften.

Tension in the Middle East, particularly around the Strait of Hormuz, continued to guide price behavior.

Eurozone inflation surged to 2.5% in March 2026, driven by a sharp rebound in energy prices which rose 4.9% after a prior contraction. While services and food inflation showed slight moderation, the headline spike complicates the European Central Bank’s path toward its 2% target.