Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
EU Delays Mercosur Free Trade Agreement Signing Amid Ukraine War Funding Talks 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Kevin Hassett Says Inflation Is Below Target, Backs Trump’s Call for Rate Cuts 
Australian government bonds traded narrowly mixed in subdued Thursday session as markets receive no more important data for now. But, investors will now focus on the European Central Bank monetary policy decision and U.S. Q2 GDP data.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, rose 1 basis point to 2.699 percent, the yield on the long-term 30-year Note up 1/2 basis point to 3.175 percent and the yield on short-term 2-year fell 1/2 basis point to 2.046 percent by 03:00 GMT.
In the United States, Treasuries remained moved higher as investors moved to risk haven assets. The U.S. 10-year Treasury yield rose to 2.963 percent. Markets would now mainly focus on the ECB today’s monetary policy decision and Q2 GDP growth data scheduled to be released on Friday.
“US 10-year treasury yields eked a narrow sideways range between 2.93 percent and 2.95 percent until the US-EU trade headlines caused a jump to 2.97 percent. US 2-year bond yields rose by 4 basis points to 2.67 percent - the highest since 2008. Fed fund futures yields are pricing almost two more rate hikes in 2018,” noted St.George Bank in its morning report.
Moreover, the OCBC noted that we are waiting in anticipation for ECB decision, although market expects policy-makers to hold rates unchanged for now, while any further cues on ECB’s reduction in their bond purchase program especially during current trade war tensions will likely be closely watched.
On the other hand, it is worth noting that the RBA's next meeting is scheduled for August 7, where the board members are expected to keep its interest rate unchanged at 1.50 percent.
Meanwhile, the S&P/ASX 200 index traded 0.14 percent lower at 6,189.5 by 03:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained slightly bearish at -24.23 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
