FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Australian bonds rose modestly Thursday, following weaker-than-expected trade balance during the month of January. Further, investors will also be focussing on the Reserve Bank of New Zealand’s (RBNZ) monetary policy meeting, scheduled to be held on March 7 for further direction in the bond market.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 1/2 basis point to 2.81 percent, the yield on 15-year note also slipped 1/2 basis point to 3.24 percent while the yield on short-term 2-year slumped nearly 2 basis points to 1.84 percent by 04:00 GMT.
After posting a substantial gain in December, the Australian trade surplus narrowed sharply in January, down to AUD1.3 billion from AUD3.3 billion the previous month. The moderation in the trade balance was driven by both a fall in exports and a pickup in the value of imports.
The value of imports rose by a strong 3.7 percent in January, while that of exports fell 2.9 percent m/m in January, with weakness in resource exports driving the declines. Markets continue to question the sustainability of the recent run up in commodity prices, although prices are expected to remain higher than their lows witnessed in early 2015.
Lastly, prior to the central bank’s policy meeting, markets will cautiously read the country’s retail sales data, scheduled to be released on March 6.
Meanwhile, the ASX 200 index traded 0.42 percent up at 5,758.50 at 04:10GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -17.94 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
