February Summary
- February was a subdued month for the forex market, with the AUD/USD trading in a narrow range of 0.6442 to 0.6609.
- The primary driver of market movements remains US interest rates, with speculation centered on the Federal Reserve’s potential rate cuts, anticipated to start in June 2024.
- There’s speculation about a “triple witching” event where the Fed, European Central Bank (ECB), and Bank of England (BOE) might all cut rates in the same month.
- Key events causing significant market moves included US employment and inflation data, as highlighted in an annotated AUD/USD chart.
Snapshot of the Month
- Despite the quiet in traditional markets like FX, rates, and equities, Bitcoin saw a significant rally of 43.7% in February, fueled by massive demand from 11 new US-listed ETFs and increased investor confidence that interest rates have peaked, improving risk appetite.
- The upcoming Bitcoin Halving around April 20th also contributes significantly to the heightened activity and interest in the crypto market.
Key Upcoming Dates
| 6th Mar | Australian GDP |
| 7th Mar | ECB Interest Rate Decision |
| 8th Mar | US NFP |
| 12th Mar | UK Employment and US CPI |
| 13th Mar | Australian Employment |
| 14th Mar | UK GDP |
| 19th Mar | RBA Interest Rate Decision |
| 20th Mar | UK CPI and FED Interest Rate Decision |
| 21st Mar | AUD Employment Data |
| 21st Mar | BOE Interest Rate Decision |
| 27th Mar | Aus CPI |
| 28th Mar | US GDP |
| 29th Mar | US PCE |
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