BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
ECB Signals Steady Interest Rates as Fed Risks Loom Over Outlook 
Thailand Economy Faces Competitiveness Challenges as Strong Baht and U.S. Tariffs Pressure Exports 
RBA Deputy Governor Says November Inflation Slowdown Helpful but Still Above Target 
China Holds Loan Prime Rates Steady in January as Market Expectations Align 
Markets React as Tensions Rise Between White House and Federal Reserve Over Interest Rate Pressure 
China reported a USD 51.35 billion trade surplus in January of 2017, lower than a USD 56.67 billion surplus a year earlier but above market consensus of a USD 47.90 billion surplus.
It was the largest trade surplus since January 2016, mainly driven by a rebound in exports while imports rose further.
In yuan-denominated terms, exports jumped 15.9 pct from a year earlier in January 2017, compared to a 0.6 pct rise in a month earlier.
Inbound shipments surged 25.2 pct, following a 10.0 pct rise in the prior month. In December 2016, the country reported a marginally revised USD 40.71 billion surplus.
The breakdown of January trade data will be released on February, 23rd.
The NZD underperformed after the RBNZ disappointed a hawkish market, extending the decline overnight to 0.7174.
NZDUSD has been correcting the Dec-Feb rally, with the 0.7180 level representing a common 38% retracement.
We had anticipated NZD slumps on 6th Feb and advocated suitable hedging vehicle accordingly, and they seem to be safeguarding the slumps in underlying spot that’s been showing from the last 4 days, we now uphold longs in 2 lots of 1y -0.49 delta put options, while buying 1 lot of +0.51 delta calls of similar expiry.
Please follow below weblink for our previous write up on hedging piece:
