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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Australian government bonds plunged on Wednesday as a surge in German long-dated yields sparked a rally in the common currency, a move that also pushed local bond yields higher.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 5-1/2 basis points to 2.638 percent, the yield on the long-term 30-year note surged 6 basis points to 3.364 percent and the yield on short-term 2-year climbed over 2 basis points to 1.968 percent by 03:00 GMT.
The RBA’s policymakers in the meeting minutes said that recent data had increased confidence that there would be further progress on fronts such as unemployment, inflation and household debt in 2018. The central bank added that wage growth appeared to have stabilized at a low rate and is expected to pick up over time. In addition, data suggested above-average jobs growth in next few quarters and output growth is still expected to pick up gradually.
The central bank said that the outlook for household consumption continued to be a significant risk given that household incomes were growing slowly and debt levels were high. They left the continued fret that an appreciating exchange rate would be expected to result in a slower pick-up in domestic economic activity and inflation than currently forecasted.
In the United States, the Treasuries saw downward pressure across the curve on Tuesday as markets saw the light at the end of the tunnel for the current iteration of tax reform, passing a narrow vote in the House and headed towards an evening vote in the Senate (widely expected to also pass along party lines).
Meanwhile, the S&P/ASX 200 index traded 0.17% higher at 6,032.5 by 03:00 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -44.87 (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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