Gold Holds Near Seven-Week Low as Fed Rate Hike Bets Rise 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Dollar Hits Three-Month High as US Treasury Yields Surge 
Oil Prices Steady as Middle East Crude Flows Recover 
Asian Stocks Rise as Bond Yields Ease Ahead of U.S. Inflation Data 
Asian Currencies Mixed as Yen Weakens, RBA Hike Looms 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
India Manufacturing Growth Hits Seven-Month High in September 
Gold Rebounds as Oil Falls and Treasury Rout Eases 
Add as a preferred source on Google
The Australian bonds slumped with U.S. Treasuries Tuesday as market speculation rise on new hawkish Federal Reserve chairperson. However, the October Reserve Bank of Australia (RBA) meeting minutes failed to steer markets.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 2 basis points to 2.777 percent, the yield on the long-term 30-year note also climbed 1-1/2 basis points to 3.553 percent and the yield on short-term 2-year traded nearly 1 basis point higher at 1.917 percent by 02:30GMT.
Australian bonds fell with Treasuries as speculation climbed that the next head of the Federal Reserve will be more hawkish. The market is expecting Jerome Powell to be the next Federal Reserve Chair after Janet Yellen’ term expires on February 1 next year.
The October minutes noted that the RBA policymakers see no “mechanical implications” for Australian rates stemming from tighter monetary policy elsewhere. The central bank also showed some sign of worry about the effects of excessive Australian dollar strength. The AUD has slipped in the last few months, but AUD/USD remains close to this year’s peak, which is also a 2-year high.
The RBA added that the labour market conditions likely to remain firm, it expressed confidence about the outlook for wage growth and household consumption. Also, it noted that domestic economic conditions will determine when it decides to hike interest rates. And, given its commentary on Australia’s inflation outlook, it seems that could still be some way off at this point.
Meanwhile, the S&P/ASX 200 index rose 0.53 percent to 5,870.50 by 02:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 68.68 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
