FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Bank of Japan Holds Rates Steady Amid Inflation Concerns and Yen Weakness 
Bank of Japan Signals Rate Flexibility Amid Yen Volatility 
BOJ Holds Interest Rates Steady Amid Middle East Uncertainty 
Bank of Japan Officials Signal Continued Interest Rate Hikes Amid Inflation Concerns 
Paraguay Central Bank Holds Interest Rate at 5.5% Amid Slowing Growth 
Today, Federal Reserve Open Market Committee (FOMC) will release minutes of its March meeting, which is the biggest event risks for Dollar based pairs. Today’s minutes is of particular interest to have a feel, which camp within FOMC gaining momentum.
- Key to watch out will be the sets of risks to U.S. economic outlook, other than strong USD.
- ‘Many’, ‘some’, these are the wording that will require close scrutiny to have a feel, how many policymakers are in which camp, dovish or hawkish.
- Outlook for hikes, as policymakers skipped March, any hints for what might occur in April.
Today’s minutes may prove positive for Dollar, since at one hand market has largely priced in the 50 basis points rate reduction in expectations in March meeting and Dollar is hovering around key support area.
Moreover it is likely to be mentioned that many members feel that another 25 basis points hike to be required over next few meetings.
Recent commentaries from several FOMC board members such as James Bullard, Charles Evans, Janet Yellen, suggested that FOMC is increasingly becoming hawkish and the committee has started looking like a dovish Chairperson with several hawkish members.
