FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Asian Markets Wobble as AI Fears Rattle Stocks, Oil and Gold Rebound 
New York Fed President John Williams Signals Rate Hold as Economy Seen Strong in 2026 
Dollar Steady as Fed Nomination and Japanese Election Shape Currency Markets 
Indian Rupee Strengthens Sharply After U.S.-India Trade Deal Announcement 
China Services PMI Hits Three-Month High as New Orders and Hiring Improve 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Markets React as Tensions Rise Between White House and Federal Reserve Over Interest Rate Pressure 
Bank of Japan Signals Cautious Path Toward Further Rate Hikes Amid Yen Weakness 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
Bank of Canada held interest rate unchanged at 0.5 percent at its latest policy decision on Wednesday, but warned of persistent risks that suggest it will not hike anytime soon. In January, BoC governor Poloz had left the door open to a possible rate cut, citing the uncertainty surrounding the U.S. trade agenda and the lacklustre state of the Canadian economy.
But following the string of solid numbers, the bank acknowledged the improvements and raised growth expectations. It now forecasts real gross domestic product to expand at an annual rate of 2.6 percent this year, up from its January forecast of 2.1 percent.
The bank, however, also reiterated still-present downside risks highlighted by the U.S. uncertainty. Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins in a second day of testimony after releasing the bank’s closely watched monetary policy report on Wednesday warned a Senate committee of the possible impact of changes to U.S. trade policy, saying it is the greatest risk to Canada’s economic outlook.
TD Bank senior economist Brian DePratto said it's a "little difficult to square" the bank's stronger projections, such as its bigger growth forecast, with the more downbeat tone of its accompanying statement.
