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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The idea that US interest rates will stay higher for longer is probably wrong 
The U.S. Treasuries traded tad lower Monday as investors wait to watch the 5-year auction, besides the Federal Open Market Committee (FOMC) monetary policy meeting, scheduled to be held on July 26.
The yield on the benchmark 10-year Treasury, which moves inversely to its price traded flat at 2.23 percent, the super-long 30-year bond yields hovered around 2.81 percent and the yield on short-term 2-year note traded tad 1/2 basis point higher at 1.34 percent by 11:20GMT.
USD remained under selling pressure in European trade on Monday amid heightened political jitters with DXY recording a fresh 13-month low earlier today and taking year-to-date cumulative losses close to 9 percent.
Turning to US Treasuries, yields across the curve were hovering around recent multi-week lows as the more dovish-than-expected tone of FOMC Chair Janet Yellen at the congressional testimony earlier this month continued to have an impact.
Datawise, Friday looks set to be the key day in the US, with the release of the first estimate of Q2 GDP. Despite a softer start to the quarter, expectations are for growth to have accelerated to around 2-1/2 percent q/q annualised in Q2, from 1.4 percent q/q annualized previously.
Other noteworthy data include the Conference Board’s consumer confidence survey for July (tomorrow), as well as June’s durable goods data and advance goods trade report and Chicago Fed’s national activity index (all due Thursday). In addition, housing market indicators include existing home sales (today), the FHFA and Case-Shiller home price indices (tomorrow) and new home sales (Wednesday). In the markets, the Treasury will sell 2Y notes (Tuesday), 2Y floating-rate notes and 5Y notes (Wednesday) and 7Y notes (Thursday).
Meanwhile, the S&P 500 Futures traded almost 1.10 percent down at 2,467.50 by 11:50GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bearish at -76.26 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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