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 April | Eurozone Consumer Price Index (EZ CPI) |
| 4th April | United States Institute for Supply Management Services Purchasing Managers’ Index (US ISM Services PMI) |
| 5th April | Non Farm Payrolls |
| 10th April | NZ Official Cash Rate |
| 10th April | US Consumer Price Index (CPI) |
| 10th April | Bank of Canada (BOC) Rate Announcement |
| 11th April | European Central Bank (ECB) Rate Announcement |
| 15th April | US Retail Sales |
| 17th April | NZ & UK Consumer Price Index (CPI) |
| 18th April | Australian Employment Data |
| 24th April | Australian Consumer Price Index (CPI) |
| 27th April | BOJ Rate Announcement |
| 27th April | US Personal Consumption Expenditures (PCE) |
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