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Major economy central banks were centre stage in March. The RBA left rates on hold, as did the BOJ & US Fed. The ECB shot the “big bazooka” which meant a rate cut further into the negative of -0.4%, an increase in money printing from €60b to €80b per month, and an extension of money printing to include investment grade European Corporate debt.
With the US on hold and their acknowledgement of fewer interest rate rises this year, markets gained confidence. Commodities and stocks rallied, with the US markets outperforming the rest, up nearly 7% in the month.
The USD weakened against most currencies on the dovish Fed, which saw the Australian dollar spike around 7% to 76c. The stronger Australian dollar meant international unhedged assets underperformed.
Australian yields rose during the month causing bonds to underperform.
