FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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The UK gilts rallied Monday following developments in the U.S. debt market. The United States benchmark 10-year Treasury yield declined 6 basis points to 2.31 percent for the first time since the announcement of the presidential election result.
The yield on the benchmark 10-year gilts, which moves inversely to its price, fell 6 basis points to 1.36 percent, the super-long 30-year bond yield dipped 4 basis points to 2.02 percent and the yield on short-term 2-year slid 3-1/2 basis points to 0.089 percent by 09:40 GMT.
We continue to foresee that the 10-year gilt yield will increase towards 1.50 percent multi-day. Also, we foresee that the U.S. 10-year bond yields likely to fall further as it forms three black crows candlestick pattern, predicting the reversal of the previous uptrend.
The British gilts have been closely following developments in oil markets because of their impact on inflation expectations, which is below the target level of Bank of England. Crude oil prices fell after Saudi Arabia cancels its meeting with non-OPEC members, including Russia. The International benchmark Brent futures fell 0.68 percent to $47.90 and West Texas Intermediate (WTI) dipped 1.02 percent to $45.59 by 09:00 GMT.
Last week, the second estimate of the third quarter UK GDP is left intact at 0.5 percent q/q, which is as widely expected, but the interesting feature is the expenditure-based breakdown which shows a whopping 0.7 percentage points contribution to growth from net exports was what propelled growth higher last quarter.
Also, the British Prime Minister May commented on Tuesday that she wants to cut corporation tax to the lowest among the world’s 20 largest economies and could cut tax to lower than 15 percent.
Meanwhile, the FTSE 100 traded 0.68 percent lower to 6,793.60 by 09:40 GMT. While at 09:00 GMT, the FxWirePro's Hourly GBP Strength Index stood neutral at -23.04 (lower than -75 represents purely bearish trend).
