FxWirePro: Daily Commodity Tracker - 21st March, 2022 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
The U.S. Treasuries rose during late European session Tuesday as investors wait to watch Federal Reserve Chairman Jerome Powell’s scheduled testimony on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC, today at 15:00GMT, besides, the 7-year Note auction, due today by 18:00GMT.
The yield on the benchmark 10-year Treasury yield slipped nearly 1-1/2 basis points to 2.661 percent, the super-long 30-year bond yields traded tad lower at 3.030 percent and the yield on the short-term 2-year remained 1 basis point down at 2.496 percent by 11:30GMT.
All eyes later on will be on Fed Chair Powell, as he finally gets to give his delayed semi-annual testimony on monetary policy to Congress, with today’s session to be conducted in front of the Senate Banking Panel. Whether this adds to the markets’ stock of knowledge on the Fed’s policy reaction function might, however, seem doubtful, Daiwa Capital Markets reported.
The FOMC is seemingly split on what might be required to justify a further rate hike this year, but the last set of Committee minutes having indicated that security redemptions would likely end ‘at some point over the latter half of this year’.
Nevertheless, while he has been relatively consistent in his message this year, Powell’s record on communication over past quarters was somewhat erratic, so today might yet throw up a surprise for the markets.
Data-wise, meanwhile, the focus will be on the housing sector, where momentum has been lost in the face of past rate hikes. Housing starts and permits data and the S&P CoreLogic Case Shiller house price index, all for December, are due today, the report added.
Meanwhile, the S&P 500 Futures edged 0.33 percent lower to 2,787.88 by 11:35GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -22.42 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
