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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Australian government bonds slumped on the first trading day of the week Monday amid a muted trading session that witnessed data of little economic significance. However, a host of speeches from the Reserve Bank of Australia’s (RBA) Assistant Governors, shall provide further guidance in the debt market.
Assistant Governor Debelle is scheduled to deliver a speech today by 22:35GMT and on October 23 by 04:30GMT, while Boulton and Bullock are due to speak on October 23 by 01:30GMT and 03:00GMT respectively.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped 2-1/2 basis points to 2.717 percent, the yield on the long-term 30-year bond surged nearly 3 basis points to 3.192 percent and the yield on short-term 2-year traded 1 basis point higher at 2.048 percent by 03:00GMT.
Global risk sentiments are likely to remain tentative to start the week, given lingering concerns about US-China trade tensions and elsewhere for Italy and Brexit as well as rising USD interest rate expectations. Wall Street closed mixed (notwithstanding strong earnings from P&G which was offset by weakness in consumer-discretionary stocks), while the 10-year UST bond yield rose to 3.2 percent, OCBC Bank reported in its latest Daily Treasury Outlook.
"Global yields pushed higher on Friday and are set to open the week with a slight steepening bias. Investors will be watching Europe, after the Italian sovereign downgrade after the market close. Rising geopolitical tension should see oil prices remain well supported," ANZ Research commented in its today’s publication of Australian Morning Focus.
Meanwhile, the S&P/ASX 200 index traded 0.24 percent lower at 5,890.50 by 03:10GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -17.53 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
