FxWirePro: Daily Commodity Tracker - 21st March, 2022 
RBI Hits Pause as Geopolitical Storm Clouds Gather 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
BOJ Raises Interest Rates to 1% as Inflation Pressures Persist 
The USD has appreciated on a trade weighted basis in January so far; however, the appreciation in USD is mainly due to weakness in other currencies rather than specific factors that causes the USD to appreciate. The greenback appreciated on the back of declining commodity prices and rising risk aversion sentiments affecting EM currencies. The markets expect only one rate hike for this year as the global financial turmoil continues to prevail in the market.
Markets will be focused upon how FOMC evaluates the current market developments and what conclusions will be drawn for the March meet. This might have a limited effect on the dollar as markets expect a dovish stance from FOMC announcements. The FOMC's stance today on the possibility of a rate hike in March will provide guidance on interpreting the Fed's future developments
