FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Russia Stocks End Flat as MOEX Closes Unchanged Amid Mixed Global Signals 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Asian Currencies Hold Firm as Dollar Rebounds on Fed Chair Nomination Hopes 
Japan Declines Comment on BOJ’s Absence From Global Support Statement for Fed Chair Powell. Source: Asturio Cantabrio, CC BY-SA 4.0, via Wikimedia Commons 
Canada’s Trade Deficit Jumps in November as Exports Slide and Firms Diversify Away From U.S. 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
EU Recovery Fund Faces Bottlenecks Despite Driving Digital and Green Projects 
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 
The Swiss National Bank (SNB) is expected to maintain its target range for the 3-month Libor at -1.25 percent to -0.25 percent and the interest rate on demand deposits at -0.75 percent until the end of 2019, according to the latest research report from Commerzbank.
Fears of a strengthening of the Swiss franc will prevent the SB from raising interest rates before the European Central Bank (ECB) begins to normalise monetary policy and the Swiss franc comes under devaluation pressure.
In fact, the SNB has not intervened in the FX market since autumn 2017, after the Swiss franc depreciated significantly against the euro in summer 2017 (see Chart 8). The prospect of the deepening of monetary union proposed by Emmanuel Macron gave the euro new strength. At the same time, demand for the Swiss franc as a safe haven declined due to lower political risks.
"In view of the continuing uncertainty regarding future political developments in the euro zone and US trade policy, we assume that EUR/CHF will remain at levels in the region of 1.14 for the time being. The SNB is likely to prevent the EUR/CHF exchange rate from falling below 1.14 on a sustained basis," the report commented.
