Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The U.S. Treasuries climbed Thursday ahead of the country’s initial jobless claims and core personal consumption expenditure (PCE) indicator, besides, Federal Reserve Chair Jerome Powell’s testimony, the ISM manufacturing PMI and FOMC member Dudley’s speech, all scheduled for later today.
The yield on the benchmark 10-year Treasuries slumped 3 basis points to 2.84 percent, the super-long 30-year bond yields fell 2 basis points to 3.11 percent and the yield on the short-term 2-year traded nearly 1-1/2 basis points lower at 2.25 percent by 10:40GMT.
Today the January US personal income and spending report, which is expected to show a modest increase in nominal spending weighed by softer car sales and impacted by harsh winter weather too. In terms of prices, the headline PCE deflator, to be released with that report, is expected to rise 0.4 percent m/m, the most in four months, to leave the annual rate at 1.7 percent y/y.
And the core PCE deflator, which is the Fed’s preferred inflation measure, is forecast to rise by 0.3 percent m/m, which would be the most in a year or more and could take the annual rate up to an eight-month high of 1.6 percent y/y.
In addition, the February ISM manufacturing survey is due along with data for vehicle sales for the same month, January construction spending, and the usual weekly claims. Most importantly, Fed Chair Powell will repeat his monetary policy testimony before the Senate Banking Committee, with the key question being whether he’ll seek to reinforce the (perceived) hawkishness of Tuesday’s remarks, or – if he judges that the market response has been overegged – try to row back a touch, Daiwa Capital Markets reported.
Meanwhile, the S&P 500 Futures fell 0.13 percent to 2,711.75 by 10:45GMT, while at 10:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bullish at 139.97 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
Lastly, FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
