This week's economic agenda is dominated by the Federal Reserve's meeting minutes and accompanying personal income and spending data to shed light on inflation, as well as retail earnings and PMI data in the Eurozone, which will give a sense of how the economy is performing. Also notable is the Bank of Japan's incoming governor's testimony to parliament, which could give insight into his potential monetary policy changes. US President Joe Biden also made an unannounced visit to Ukraine, pledging to stand with them against Russia's invasion. The State Department then announced an additional $460 million in US aid to Ukraine, including $450 million in artillery ammunition, anti-armour systems, and air defence radars, as well as $10 million in energy infrastructure.

EQUITY

U.S. markets were closed on Monday, but the futures index closed slightly lower as weakness has been looming in the market since Friday. On the earnings side, the wholesaler giant Walmart is expected to report better than previous earnings after retail sales stand at 3%, higher than forecasted.

GOLD

Gold prices were steady, just above six-week lows, as traders awaited cues on monetary policy from the Federal Reserve's February meeting minutes and a series of Fed speakers. Gold dipped its feet below support level 1830 on Friday due to the anticipated increase in US yields, as well as the strong demand for the dollar in Asia and Europe.

OIL

Oil prices rose on Monday following a drop last week due to US inflation data. Brent crude was up 0.84% at $83.67 per barrel, while WTI was up 1.06% at $77.36. The International Energy Agency and OPEC raised their 2023 demand outlooks due to expectations of a Chinese recovery, and Russia's March production cut announcement is also boosting prices. However, analysts warn that sanctions will trigger the Kremlin to extract more cash from the industry, hurting the stability of oil prices.

CURRENCY

The US dollar slipped slightly on Monday but remained close to its six-week high on Friday, following a series of strong economic data that reinforced expectations of tighter monetary policy from the Federal Reserve. The Australian dollar and New Zealand's kiwi are in focus this week as an adjustment in interest rates is expected.