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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
U.S. Stock Futures Hold Steady as Investors Monitor Iran Tensions and Key Economic Events 
Australian government bonds slumped across the curve during Asian trading session Wednesday after U.S. President Donald Trump softened his stance on trade negotiations overnight, along with tentative progress to avoid another government shutdown.
Sentiment was buoyed by developments on trade and hopes of avoiding another U.S. government shutdown. U.S. President Trump appeared to soften his stance on trade negotiations overnight, indicating he may be flexible on the March 1st deadline for a trade agreement with China, noted St.George Bank.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, rose about 4 basis points to 2.15 percent, the yield on the long-term 30-year bond also climbed 4 basis points to 2.70 percent and the yield on short-term 2-year jumped over 2-1/2 basis points to 1.77 percent by 03:40 GMT.
“Overnight, Trump said he could let the March 1st deadline for a trade agreement with China slide “for a little while” to make a “real deal”. Although Trump said he’s generally “not inclined” to delay raising tariffs. Investors hope an extended deadline could allow a meeting between Trump and Chinese President Xi before the deadline,” St.George added.
Comments from Trump drove hopes another U.S. government shutdown could be avoided. On the bipartisan agreement on border security, Trump said he’s “not happy”, but that he may still back it. Encouragingly Trump said “I don’t think you’re going to see a shutdown”, although the added “If you did have it, it’s the Democrats’ fault”.
The rise in risk appetites drove safe-haven government bond yields higher. The yield on the U.S. government 10-year bond rose 3 basis points to 2.68 percent. The U.S. government 2-year bond yield rose by 2 basis points to 2.50 percent, the bank added.
Meanwhile, the S&P/ASX 200 index traded 0.45 percent lower at 6,018.50 by 03:50 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 117.14 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
