FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Rebound But Head for Worst Month Since 2008 Amid Iran War Uncertainty 
Gold Prices Rebound in Asia Amid Iran War Ceasefire Hopes 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Dollar Surges to Nine-Month High as Middle East Tensions Drive Safe-Haven Demand 
WTO Ministerial Collapse Leaves Global Digital Trade Rules in Limbo 
U.S. Stocks Surge on Iran War De-escalation Hopes 
Oil Prices Hold Near Multi-Year Highs Amid Iran Conflict and Hormuz Supply Fears 
Asian Currencies Hold Steady Amid U.S.-Israel-Iran Tensions and BOJ Signals 
Aluminum Prices Surge Toward Four-Year Highs After Gulf Smelter Strikes 
South Korea's Exports Hit Record High in March on AI-Driven Chip Demand 
Iran Strikes Oil Tanker Near Dubai Amid U.S. Threats and Ongoing Middle East Conflict 
The United Kingdom’s gilts took a downturn during Monday’s afternoon session ahead of the Bank of England (BoE) Governor Mark Carney’s speech, scheduled to be held later today and amid Brexit uncertainties still making headlines.
The yield on the benchmark 10-year gilts, jumped nearly 2 basis points to 1.399 percent, the super-long 30-year bond yields also climbed 2 basis points to 1.954 percent and the yield on the short-term 2-year too traded 2 basis points higher at 0.757 percent by 11:50GMT.
After EU leaders approved the Brexit Withdrawal Agreement and associated Political Declaration yesterday, the ‘meaningful vote’ in the House of Commons now seems likely to be held on December. But following an earlier ruling by Scotland’s highest court, tomorrow the European Court of Justice will hold an emergency hearing on a case to determine whether the UK is legally able to revoke Article 50 unilaterally, Daiwa Capital Markets reported.
Further, on Wednesday this week, the central bank will release its Financial Stability Report and bank stress test results. In response to the request from the Treasury Select Committee, they will also publish an analysis of how the draft Brexit Withdrawal Agreement will affect the Bank’s ability to deliver its monetary and financial stability objectives.
And Thursday will see it publish an assessment of the macroeconomic impact of the Brexit deal – expect it to suggest a modest acceleration in GDP, thanks particularly to a pickup in business investment on the back of the greater near-term certainty afforded by the transition period post-March 2019, but an implied step up in monetary tightening due to the increase in domestically-generated inflation that would arise from the stronger growth, the report added.
Meanwhile, the FTSE 100 traded 0.86 percent higher at 7,011.92 by 11:55GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bullish at 135.97 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
