Petroleum stock data are also due later this morning, and Federal Reserve Governor Stephen Miran is set to speak this afternoon. Mortgage applications declined for the week ending March 20th due to the average 30-year fixed mortgage rate reaching its highest level since October 2025.

The Trump administration appears to be stepping up efforts to bring the conflict in the Middle East to a close with the announcement that the 82nd Airborne division and Marines are being deployed to Iran. There are several paths that more direct involvement could take that range from securing the Strait of Hormuz to seizing Kharg Island, Iran’s largest oil export hub, but the threat of US forces on the ground may be enough to compel the Iranians to the negotiating table. There are three days remaining in Trump’s five day pause, and the Marines are scheduled to arrive on the last day.

What to Watch This Week…

The complete Economic Calendar can be found here.

CAD ⇓

The Canadian Dollar is down against the Buck this morning as Traders are trapped between geopolitical headlines and oil prices. The Loonie is sitting near its worst level in nearly two months. There is speculation that the Bank of Canada will not react to the direct impact of stubbornly higher oil prices on inflation and will instead leave rates on hold in the near term until USMCA renegotiations have been completed. Traders are pricing in at least two rate hikes by the end of the year.

GBP ⇓

The British Pound is down against the Greenback this morning following a UK CPI release that came in at expectations. The Monetary Policy Committee of the Bank of England is unlikely to give much attention to the finer details of this February print, as the focus has already been shifted forward to what the conflict in the Middle East means for inflation in the mid-term.