EUR/USD, USD/CHF Steady as US-Iran Conflict Overshadows Light EU Data

Major forex pairs are consolidating during Monday's European session as traders navigate a light economic calendar dominated by geopolitical risk from the escalating US-Iran conflict. German industrial production and Swiss consumer confidence data are scheduled but are considered low-tier releases unlikely to shift ECB or SNB policy expectations. Market attention is firmly fixed on surging oil prices driven by the US-Iran war, which carries significant implications for global economic growth, inflation trajectories, and central bank decision-making in the months ahead. Rising crude prices typically weigh on oil-importing economies while supporting commodity-linked currencies such as CAD. The risk-off environment is likely benefiting traditional safe havens including the Japanese yen and Swiss franc, while higher-beta currencies face downward pressure. Traders should monitor oil price developments closely, as sustained elevated levels could force central banks to reassess their inflation outlooks. Near-term volatility is expected to remain elevated, with geopolitical headlines likely to drive intraday price action across major and cross pairs.