Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
Yen Stabilizes After Intervention Slide as Australian Dollar Hits Eight-Week High 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
Gold Price Holds Near $4,400 as Hormuz Risks and CPI Drive Markets 
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In July Japanese industrial production was surprisingly weak as the Ministry for Trade and Industry announced this morning. July industrial production is declined by 0.6% mom, after a firm growth in June of +1.1% mom.
However, the yen was unaffected by the news. It was able to appreciate in line with its role as a safe haven. The fact that Chinese stocks started the week on the wrong foot and that the oil price is easing against Friday's high was clearly more important than domestic factors. Current developments are further proof of how much exchange rates are driven by global factors rather than country specific factors.
