Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
UK mortgage approvals fell less than expected in February, rising by 73.9k in February beating market expectations at 73.5k and compared to 74.1k previously (revised from 74.6k) and the 62k registered last year. Data suggested that demand for housing remained resilient before tax changes take effect in April.
Mortgage lending has at the same time slowed to £3.6bn after the £3.7bn in January (revised from £3.7bn, market: £3.6bn), bringing total net lending to £4.9bn (prev: £5.3bn). The data is good news not just for prospective homebuyers but also those looking to remortgage according to Brian Murphy, head of lending at the Mortgage Advice Bureau.
With the Bank of England unlikely to raise the UK Bank Rate anytime soon following a unanimous decision earlier this month by the Monetary Policy Committee (MPC) to keep it at 0.5pc for an 84th consecutive month, low mortgage rates are expected to continue.
