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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Australian government bonds gained across the board on Thursday after China retaliated with USD16 billion tariffs on U.S. imported goods, injecting more fear in investors about a full-fledged trade war between the U.S. and China.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, fell nearly 3 basis points to 2.655 percent, the yield on the long-term 30-year Note also dipped 3 basis points to 3.130 percent and the yield on short-term 2-year slumped 2-1/2 basis points to 2.006 percent by 03:30 GMT.
The St.George Bank in its morning note said China will impose 25 percent tariffs on an additional USD16 billion worth of imports from the US from August 23, matching Washington's move. The list includes many petroleum products and items like coal, medical instruments, waste products, cars and buses. The Chinese Ministry of Commerce called the American action "very unreasonable." The next round of tit-for-tat could come in September when the US puts duties on more Chinese goods.
Following this, investors moved to safe-haven buying on fear of full-fledged trade war between U.S.-China. The U.S. 10-year Note yield fell over 1 basis point to 2.953 percent, down from Wednesday’s 2.966 percent.
"US 10-year treasury yield s ranged sideways between 2.96 percent and 2.98 percent and then closed 1 basis point weaker. US 2-year yields ranged between 2.66 percent and 2.67 percent, closing flat on the day. Fed fund futures yields continued to price almost two more rate hikes in 2018," St.George Bank added.
Lastly, investors would now focus on the Friday’s RBA Statement on Monetary Policy (SOMP).
Meanwhile, the S&P/ASX 200 index traded 0.77 percent higher at 6,254.5 by 03:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 166.59 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
