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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Eurozone periphery bonds jumped as investors wait to watch the benchmark Germany’s manufacturing PMI, scheduled for release early next week.
The benchmark German 10-year bond yields, which moves inversely to its price, slumped 2-1/2 basis points to 0.51 percent, the French 10-year bond yields plunged nearly 3-1/2 basis points to 0.75 percent, Irish 10-year bond yields fell 4-1/2 basis points to 0.79 percent, Italian down 3-1/2 basis points to 2.08 percent, Netherlands 10-year bond yields lower by 3 basis points to 0.63 percent, Portuguese equivalents slipped 3 basis points to 2.98 percent and the Spanish 10-year yields traded 4 basis points lower at 1.44 percent by 09:00 GMT.
With ECB President Mario Draghi having got investors hot under the collar last month with his assessment that “deflationary forces have been replaced by reflationary ones”, yesterday saw the ECB President repeat many of the messages of that Sintra speech. But to ensure that the inflation target is indeed eventually met, he also repeated that the ECB needs to be patient, persistent in maintaining support, and prudent in adjusting policy in future.
And, overall, in contrast to last month, Draghi was largely back in dovish mode yesterday, being upfront that inflation is still not where the Governing Council wants it to be and emphasising the continued absence of an uptrend in underlying price pressures. Moreover, reflecting the ECB’s continued fear of triggering a ‘taper tantrum’ and evidently mindful of the recent step up in yields and euro appreciation, he repeated the determination of the ECB to avoid any unwarranted counterproductive tightening of financial conditions.
Meanwhile, the pan-European STOXX 600 index traded flat at 384.03, German DAX rose 0.06 percent to 12,455.50, France’s CAC 40 climbed 0.12 percent to 5,205.30 and the PSI20 Index traded 0.29 percent higher at 5,329.55 by 09:10 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bullish at 148.76 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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