FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Ahead of tomorrow's Bank of England MPC policy announcement and the publication of the minutes, a relatively soft report for official July industrial production is expected today in line with recent surveys such as the PMI and CBI Industrial Trends.
"After the 0.2%m/m rise in manufacturing output in June, A renewed sluggishness is expeted in July, reflecting in part sterling's strength in recent months, and have pencilled in a flat outturn. The trade deficit in goods is also anticipated to widen to £9.4bn in July from £9.2bn. Month-on-month growth for overall industrial production in July could be slightly negative, weighed down also by weak oil and gas output. These forecasts suggest that monetary policy will remain firmly on hold for now", says Lloyds Bank.
Brazil added 12,000 jobs in August, pointing to some positive momentum in spite of lower oil prices.
"The Bank of Canada is expected to keep interest rates unchanged at 0.5%. The Reserve Bank of New Zealand, on the other hand, is widely anticipated to cut its key policy rate by 25bps this evening for the third time this year to 2.75% to help offset the impact of weaker commodity prices. Finally, ECB executive board member Peter Praet is scheduled to speak at 16:30BST in Luxembourg", says Lloyds Bank in a report.
