FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Bank of Korea Signals Potential Interest Rate Hikes as Inflation Remains Elevated 
Eurozone Recession Risks Rise as Middle East Conflict Threatens Growth, ECB Official Warns 
BOJ Holds Interest Rates at 0.75% as Policymakers Signal Growing Inflation Concerns 
Japan Inflation Expectations Rise as BOJ Rate Hike Timing Faces Uncertainty 
Fed’s Goolsbee Warns Inflation Remains Elevated, Signals Caution on Rate Cuts 
BOJ Governor Kazuo Ueda Hints at Rate Hike as Inflation Pressures Build 
After yesterday’s FOMC minutes gave clearest indication ever for a June rate hike, interest rates market have adjusted sharply in anticipation of such.
As per the minutes, many participants believed a riser would be appropriate at June meeting if the economic data and job market conditions continue to improve as inflation heads towards 2% target in the medium term.
- Market is now attaching 70% probability that there won’t be a hike in June, compared to 81% before the minutes.
- Market is attaching 51% probability that there will be a hike in July, compared to 62% before, predicting no hike.
- Before minutes market was pricing 55% chance of a hike in September, now pricing 63% odds of such.
- Market is attaching 66% hike probability in November compared to 58% before and 79% probability for December, up from 72% before.
Dollar index is currently trading at 95.22, down -3.45% YTD.
