European Stocks Steady as U.S.-Iran War, Euro Zone Data Keep Investors Cautious 
Asian Currencies Steady as Dollar Holds Firm After U.S. Inflation Data 
Gold Price Holds Near $4,400 as Hormuz Risks and CPI Drive Markets 
China Automakers Accelerate Global Expansion as Domestic Car Sales Slump 
Trump Imposes New US Tariffs on Drone Imports Over National Security Concerns 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
US Dollar Holds Firm as Fed Outlook and Iran Tensions Keep Markets on Edge 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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The USD/CNY currency pair is expected to rally through the 6.40 level in the run up to the Federal Open Market Committee’s (FOMC) monetary policy meeting in June, according to a recent report from Scotiabank.
Further, the United States’ dollar index is expected to remain supported given a surprise fall in the Eurozone inflation and a moderation in the bloc’s economic growth.
Meanwhile, China will prevent the yuan from depreciating sharply as Chinese Vice Premier Liu He who is also President Xi Jinping’s top economic adviser will visit Washington next week for follow-up trade talks to avert a trade war. The yuan is anticipated to outperform the CFETS basket amid ongoing external uncertainty.
"In our opinion, one-way speculation on the yuan exchange rate has dissipated as onshore USD/CNY spot has been persistently trading around the central bank’s daily reference rate," the report added.
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