FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
New Zealand government bonds closed Tuesday’s session on a higher note as demand for safe-haven instruments continued amid a mild recovery in equities in a muted trading week that is scheduled to witness data of least economic significance. Also, the upcoming Chinese Lunar New Year holidays have cast a gloomy sentiment worldwide, leading to rise in demand for safe-haven assets.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 2-1/2 basis points to 2.99 percent, the yield on 20-year also plunged 2-1/2 basis points to 3.51 percent and the yield on short-term 2-year closed 2 basis points lower at 1.88 percent.
Global risk sentiments look likely to stabilise further today, given Wall Street’s bounce overnight and Asian bourses preparing for the upcoming Chinese New Year holidays, but the rally could be short-lived if US inflation prints surprise on the upside tomorrow. US president Trump unveiled his 2019 Budget wish list which outlines a USD1.5 trillion infrastructure package, which brilliantly has the federal government only coughing up USD200 with the rest being funded by the state and local governments.
As part of suggesting fiscal discipline, the plan also includes deep non-military spending cuts that should pare the federal budget deficit by more than US$3 trillion over the next decade, but basically, the budget plan needs to pass Congress and not endanger inflationary concerns either through fuelling wage inflation or warranting higher Treasury issuance.
Meanwhile, the NZX 50 index closed 0.78 percent higher at 8,122.22, while at 05:45GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 51.59 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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