U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
New Zealand’s ANZ Truckometer Heavy Traffic Index fell 0.3 percent m/m in March, to be down 0.7 percent for the quarter. This isn’t a strong signal for GDP growth, but the index has been volatile lately.
On the other hand, the Light Traffic Index bounced 2.2 percent m/m, after a few months of fairly lackluster performance. This index is giving a softer signal for growth from mid-year, but the bounce-back is encouraging.
Meanwhile, the 3- month average of the Light Traffic index has now stabilized but is sending a softer signal for GDP growth mid-year.
"We will keep an eye on this data. The correlation to GDP growth has not been close lately. In addition, annual growth remains strong. However we have seen a marked deceleration in recent months that bears watching," ANZ Research commented in its latest report.
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