FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The U.S. Treasuries were pushed lower across the curve on Friday following the release of firmer October CPI data and was accompanied by stronger than expected jobless claims that reached a 43-year low, coupled with Fed Chair Janet Yellen’s hawkish testimony.
The yield on the benchmark 10-year Treasury note rose 3 basis points to 2.308 percent, the yield on long-term 30-year Treasury climbed 3 basis points to 3.016 percent and the yield on short-term 2-year note bounced 1 basis point to 1.035 percent by 12:00 GMT.
U.S. consumer price inflation continued to rise higher in October. The sequential rise in inflation came in above the consensus forecast. It rose 0.4 percent, as compared with the expectation of 0.3 percent. The increase was assisted by increasing energy costs, which were up 3.5 percent. The strong sequential rise, lifted the year-on-year inflation rate to 1.6 percent in October from 1.5 percent in September, in line with consensus expectations.
Federal Reserve Chair Janet Yellen, in her congressional testimony, strengthened bets that the central bank was on the right path to hike interest rates in December. This was the first direct signal in this year after the central bank hiked its interest rate in December last year.
Also, U.S. initial jobless claims for the week ending 12 November dropped to 235,000, much below the consensus expectations of 257,000. The sharp decline in initial claims in that week brought the four-week moving average in initial claims to 253,000. The initial claims data takes the survey week for the November employment report and indicate towards a rise in growth of employment in comparison to the last several months.
Meanwhile, the S&P 500 Futures traded 1 point higher at 2,185.25 by 12:40 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index stood neutral at +59.40 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
