If you needed a reminder that forex trading is never just about one thing, last week delivered it emphatically. Six major central bank decisions landed within days of each other, February PPI scorched expectations at 0.7% month-over-month, and the Iran war continued reshaping global energy markets — with WTI briefly tagging $100 before retreating on diplomatic signals. The Fed held hawkishly at 3.5%–3.75%, the ECB flagged rate hikes as early as April or June, and the BoE shocked markets with a unanimous 9-0 hold. Yet despite Wednesday’s sharp dollar surge following the Fed, DXY finished the week as the worst performer among the majors — a reminder that when every major central bank turns hawkish simultaneously, no single currency owns the rate differential.
The week of March 22–28 is considerably quieter on the central bank decision front, but don’t mistake “quiet” for “calm.” Tuesday is the macro centerpiece, delivering simultaneous flash PMIs across France, Germany, the UK, and the US. Wednesday brings a data triple-header — Australian CPI, UK CPI, and ECB President Lagarde’s first major public speech since Thursday’s hawkish pivot. UK Retail Sales close the week Friday. Sprinkle in ongoing geopolitical headline risk from Iran, and the calendar has more than enough firepower to keep markets moving for traders of all kinds.
