Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
The USD/CNY currency pair is expected to fluctuate around the 6.40 level at the moment, continuing to run a relatively tight correlation with the euro. The former could continue outperforming a basket of currencies amid risk-off sentiment and benefit from the EUR’s potential strength to some extent, according to the latest report from Scotiabank.
With the U.S. dollar index sliding since end-May, there seems to be no upward bias in the People’s Bank of China’s (PBoC) daily USD/CNY fixing anymore. Thus, the CFETS RMB index has stabilized and rebounded somewhat last Wednesday.
At the upcoming June monetary policy meetings, the Fed is expected to reiterate its gradual policy tightening and the European Central Bank (ECB) will debate exiting the quantitative easing programme.
It could see EUR/USD heading for 1.20 afterwards, spurring concerns over global liquidity withdrawal and undermining EM Asian currencies. Meanwhile, risk aversion is likely to intensify in emerging markets as the 10-year US Treasury yield will test the 3.0 percent mark again despite subdued VIX index.
Meanwhile, Italy’s new finance minister Giovanni Tria told the Italian newspaper Corriere della Sera on Sunday that the new government was “clear and unanimous” in its desire to keep the country inside the Eurozone. His comments could alleviate some concerns over Rome’s economic policies and are supportive of the EUR, the report added.
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