As we approach President Trump’s imposed deadline to negotiate a deal to end the war, there appears to be little room for compromise as Iran rejected the White House’s 15-point peace proposal and sought concessions of their own. Vice President JD Vance may ultimately travel to Pakistan this weekend to negotiate with Iran more intimately, but that has yet to be confirmed. Pakistan delivered the 15-point plan and has been intermediating ongoing discussions.

In domestic news, Jobless Claims for the week ending March 21st will be released at 830 Eastern, and are expected to come in at 210k, slightly below the current four week moving average of 215k. Continuing Jobless Claims for the week ending March 14th will also be released this morning and are expected to come in at 1849k. Looking ahead, the University of Michigan’s Consumer Sentiment survey for the month of March will be released late tomorrow morning.

What to Watch This Week…

The complete Economic Calendar can be found here.

CAD ⇓

The Canadian Dollar is down against the Buck this morning, and likely to drift lower as a stronger U.S. Dollar outweighs support for the Loonie from elevated oil prices, which are likely to remain above pre-war levels even in a de-escalation scenario thereby limiting downside for the Buck to some degree. Payroll Employment Change numbers for the month of January are due at 830 Eastern. The prior month showed a reduction of 35.4k.

NOK ⇑

The Norwegian Krone is the G10’s best performer against the Greenback this morning following a Norges bank meeting that saw the Scandinavian country keep their key interest rate on hold at 4.0%. While the hold was expected, the accompanying statement provided explicit guidance for rate hikes moving forward. Traders are pricing in two hikes by the end of the year, which would make the Krone one of the G10s highest yielders.