FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Oil Prices Fall as U.S. Crude Inventories Surge and Hormuz Tensions Persist 
Strait of Hormuz Shipping Near Standstill After New Vessel Attacks 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Canada-US Trade Talks Gain Momentum Ahead of Aug. 19 Tariff Deadline 
Trump Imposes New US Tariffs on Drone Imports Over National Security Concerns 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
Wall Street Hits Record High as Softer Inflation Data Eases Fed Rate Hike Fears 
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 
China Automakers Accelerate Global Expansion as Domestic Car Sales Slump 
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The Chinese yuan is expected to trade range-bound between 6.50 and 6.70 with a strengthening bias prior to US President Donald Trump’s visit to China set for November 8-10. The yuan’s implied volatility has been rising along with sliding risk reversal since late August, Scotiabank reported.
A neutral risk reversal has paved the way for the regulators to increase two-way flexibility in the yuan exchange rate. In addition, the CFETS RMB Index has remained steady amid bear-steepening UST yield curve and rising DXY Index.
It would open further upside for the USD should the DXY Index rally through the 94 resistance and the 100-day MA line.
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