March Summary

  • The AUD/USD experienced a range from 0.6478 to 0.6667 in March.
  • Major movements in the Australian dollar were largely driven by positive 
US economic data, including Non-Farm Payrolls, CPI, PPI, and ISM Manufacturing reports.
  • Persistent strength in the US economy and sticky inflation led to a reassessment of earlier interest rate cut expectations.
  • The USD/JPY approached the 152.00 resistance, prompting market speculation about potential intervention by the Bank of Japan (BOJ), which notably moved away from negative interest rates by increasing them to zero.
  • Attention was also drawn to the CNH/JPY level at 21.00, influenced by actions around China’s currency fixes.
  • The Reserve Bank of Australia’s (RBA) first meeting in its new format occurred without any significant surprises, while the crypto market saw Bitcoin’s value fluctuate between $57,570 and $73,700, marking another strong month for cryptocurrencies.

Snapshot of the Month

Key Upcoming Dates

3rd AprilEurozone Consumer Price Index (EZ CPI)
4th AprilUnited States Institute for Supply Management Services Purchasing Managers’ Index (US ISM Services PMI)
5th AprilNon Farm Payrolls
10th AprilNZ Official Cash Rate
10th AprilUS Consumer Price Index (CPI)

10th AprilBank of Canada (BOC) Rate Announcement
11th AprilEuropean Central Bank (ECB) 
Rate Announcement
15th AprilUS Retail Sales
17th AprilNZ & UK Consumer Price Index (CPI)
18th AprilAustralian Employment Data
24th AprilAustralian Consumer Price Index (CPI)
27th AprilBOJ Rate Announcement
27th AprilUS Personal Consumption Expenditures 
(PCE)

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