April 2024 Monthly Report

Read the Ballinger Monthly FX Report for April below.

Some key turning points in monetary policy defined the big moves in March and, as we approach widespread rate cuts, it is the least dovish who wins in FX. The Swiss National Bank out-doved all as it kicked off the developed markets easing cycle, although most major central banks took another step towards joining them and policymakers across the G10 became more optimistic about inflation.

In April, policy decisions in the eurozone, Canada, and New Zealand should give some clearer clues on the pace and timing of rate cuts, while traders will be watching a meeting in Japan for central bankers’ plans for policy normalisation. The next round of inflation data will be some of the last before the big meetings of the early summer, and should deliver some divergence in policy paths that will drive price action.