FxWirePro: Daily Commodity Tracker - 21st March, 2022 
As the global central banks return to their policy easing tool, with major central banks either cutting or forecasting rate cuts, we expect the global equities to move higher. At yesterday’s trading, despite an early close and next day holiday over 4th of July Independence, the U.S. benchmark stock index, S&P500 closed at a record high, just shy of 3000 resistance barrier.
We expect the UK benchmark to follow suit as the Bank of England (BoE) chief Mark Carney, in his latest speech signaled policy easing going ahead. UK sovereign bonds rallied sharply and the market started pricing for a Bank of England (BoE) rate cut this year after Mark Carney acknowledged that mounting global uncertainty might prompt policy action from the central bank. He added that trade war and Brexit remains a major source of uncertainties. The market is pricing 50 percent chance of a rate cut by BoE this year.
Trade idea:
- Calculations suggest that UK100 (Contract for Difference of FTSE100) set to test 8000 resistance area. The index is currently trading around 7600 area.
