International benchmark Brent rose in European trade on Monday away from recent 11-week lows on short-covering, and after strong Chinese industrial data.

Prices are also boosted by an improving risk appetite following calmer remarks from Trump officials on upcoming tariffs on Mexico and Canada.

The Price

Brent rose 0.75% today to $73.63 a barrel, with a session-low at $72.38.

Brent closed down 0.4% on Friday, resuming losses and rebounding from 11-week lows at $71.96.

Oil prices lost on average 1% last week, the sixth weekly loss in a row on concerns about a global supply glut. 

Chinese Demand

Earlier Beijing data showed China’s manufacturing PMI rose to 50.8 in February from 50.1 in January, beating estimates of 50.4, and boosting hopes for higher demand on metals. 

Now investors await the Chinese parliament’s annual convention in a few days, which would delineate various fiscal measures to support the economy.

Trump’s Tariffs 

The US Trade Secretary Howard Lutnik said on Sunday that tariffs on Canada and Mexico will be implemented on Tuesday but President Trump will decide whether he’ll commit to the 25% rate.

Bitcoin fell on Monday for the first time in three days after marking the best daily profit in 2025 on Sunday following US President Donald Trump’s statements on the strategic crypto reserve. 

Major companies continue to expand their holdings of the cryptocurrency, which boosts its institutional value and long-term confidence. 

The Price

Bitcoin fell 3.3% at Bitstamp today to $91,135, with a session-high at $94,422.

On Sunday, bitcoin spiked 9.6%, the largest daily profit since November 2024, away from three-month lows after Trump’s supportive remarks.

Crypto Market Value 

The market value of cryptocurrencies fell $140 billion on Monday to a total of $3115 trillion.

US Strategic Reserve

US President Donald Trump said on the Truth Social platform that his executive order issued in January on crypto assets would create a crypto reserve that includes bitcoin, ethereum, ripple, solana, and cardano.

The statement catapulted public confidence in the crypto market once more and ended a long selling cycle.

MetaPlanet

Japan’s MetaPlanet corporation continued to expand its holdings of bitcoin, adding 156 more units this week at a value of $13.4 million, with an average price of $85,890, with the company’s total holdings rising to 2391 units valued at $196.2 million.

This mirrors US Microstrategy’s crypto hoarding strategy, and shows increasing institutional confidence in bitcoin as a strategic reserve.

The US dollar fell in European trade on Monday against a basket of major rivals away from two-week highs, on track for the first loss in four days on profit-taking with demand tapering off. 

The risk sentiment improved in the markets after European leaders agreed on an emergency peace plan for Ukraine, and after calmer statements from Trump officials on upcoming tariffs. 

Now investors await important US manufacturing data later today, expected to provide fresh pricing to the odds of a Fed rate cut in upcoming months.

The Index

The dollar index fell 0.6% today to 106.95, with a session-high at 107.56.

On Friday, the index rose 0.25%, the third rise in a row, hitting a two-week high at 107.66 on rising concerns about Trump’s tariffs.

The dollar index snagged a strong 0.9% profit last week, the first weekly profit in a month.

European Peace Plan for Ukraine

An emergency European summit was held in London and attended by 18 European leaders, including Ukrainian president Volodomyr Zelensekiy, to show strong support to Ukraine and develop a peace deal to present to Washington.

UK Prime Minister Keir Starmer said European leaders agreed on the items of the plan to support Kiev and achieve fair and lasting peace, while providing strong security guarantees.

Trump’s Tariffs 

The US Trade Secretary Howard Lutnik said on Sunday that tariffs on Canada and Mexico will be implemented on Tuesday but President Trump will decide whether he’ll commit to the 25% rate.

US Rates

Recent US data showed consumer spending fell unexpectedly in January, reducing inflationary pressures on Fed’s policymakers.

Following the data and according to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut rose from 4.5% to 7%.

Now traders await important US industrial data later today, important for gauging US growth in the first quarter.

Silver prices rose in European trade on Monday for the first time in three sessions, thus starting to recover from three-week lows on short-covering. 

Prices are boosted by a weaker dollar and positive industrial data from China, which renewed hopes of a recovery in the world’s largest metals consumer.

Prices

Silver pisces rose 1.2% to $31.50 an ounce, with a session-low at $31.13.

On Friday, silver lost 0.45%, the second loss in a row, plumbing three-week lows at $30.82 an ounce as the dollar heaped pressure.

Silver tumbled 4.1% last week, the first weekly loss in a month and a half, and the heftiest in 2025 amid concerns about the trade war and its impact on the metals demand.

The Dollar

The dollar index fell 0.5% on Monday away from two-week highs at 107.66, about to mark the first loss in four sessions against a basket of major rivals. 

A weaker dollar makes greenback-denominated futures cheaper to holders of other currencies.

The dollar has also dipped after Europe presented Washington with an emergency peace deal for Ukraine, while the US Treasury Secretary spoke about potentially less than 25% tariffs on Mexico and Canada.

Chinese Demand

Earlier Beijing data showed China’s manufacturing PMI rose to 50.8 in February from 50.1 in January, beating estimates of 50.4, and boosting hopes for higher demand on metals.