Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Australian Household Spending Dips in December as RBA Tightens Policy 
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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment 
Yen Slides as Japan Election Boosts Fiscal Stimulus Expectations 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
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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